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May ’10 House Price Index from Rightmove

Posted By Avalon Construction & Design on June 9th, 2010 in category.

See below part of the overvew for the latest House Prices from Rightmove.
The full Report and Prices Index can be checked  here:

http://www.rightmove.co.uk/news/files/2010/05/may-2010.pdf 

Overview

The week before the election saw the highest number of new sellers coming to market since week commencing 28th June 2008, seemingly undeterred by the impending election. However, the lack ofbuyers able to obtain a mortgage and proceed in these uncertain times is now starting to tell in Rightmove’s statistics, with this year’s unsold stock level continuing its inexorable rise. As a result of this flush of competition, fresh sellers muted their asking price demands somewhat, with a seasonally low rise of 0.7% (£1,622).

Miles Shipside, commercial director of Rightmove comments: “We observed last month that rising prices and more properties coming to market would be unhappy bedfellows in the long-term. This month we are seeing signs that the relationship is under increasing stress. Sellers are starting to reduce their pricing expectations to court the fewer buyers who are able to proceed, though the number of buyers who can purchase is too low to bring volume back to the housing market. The ugly ducklings in the housing beauty parade will be left on the shelf”.

In May last year average asking prices rose by 2.4%. The average May increase over the past decade has been 1.5%, so with a more modest monthly increase of 0.7% there are signs that this year’s sellers are now toning down their bullish spring price expectations. What they have not done is stay off the market, or be put off by the political uncertainty. In the last full week before the election, Rightmove recorded its highest number of new listings for nearly two years. The last time we recorded over 30,000 new listings in a week was in the week commencing 28th June 2008.

See the full report here:

http://www.rightmove.co.uk/news/files/2010/05/may-2010.pdf

By Avalon Construction & Design: June 9th, 2010 in category.

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