The latest house price data released by Rightmove has revealed that prices of new-to-the-market property saw a 0.4% (+£1,228) rise this month. A modest increase by all accounts but enough to push the national average to a new record of £305,732.
According to the figures, record monthly visits to Rightmove in March indicated a strong interest in property, though the subdued 1.6% annual rate of price increase warns that many buyers are increasingly price sensitive
On average sellers are achieving 96.7% of their final asking price, a gap of just over £10,000 on the current national asking price, though this varies by region, location and property
Russell Quirk, founder and CEO of Emoov.co.uk, commented: “There is still an appetite for homeownership amongst UK buyers evident by the record number of visits to Rightmove, but a lack of commitment is resulting in a reduction in the number of sales agreed.
This is hardly surprising when you consider the reality gap between the expectations of stubborn sellers and the current market climate. While actual price growth is remaining somewhat static, over-optimism on the side of UK home sellers is continuing to push asking prices ever higher.
This is becoming a big problem and the widening gap between asking price and sold price will only result in a further decline in buyer interest and a continued market slowdown.”