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 House sellers up asking prices

Figures indicate that the property market show a 2% decline in asking prices for homes in England and Wales.
The February decline is the first since October of last year and brings the annual decline to 5.8%, compared with 3.4% in January.
The recent requirement for every vendor to have a Home Information Pack has distorted prices upwards, because fewer one and two-bedroom properties are entering the market. The figures are not seasonally adjusted and that historically prices increase in the early months of the year.
Between mid-January and mid-February the average time a house remained on the market was 93 days, compared to 78 days in the same period of 2007.The interest rate cuts have no doubt given some sellers hopes. These are likely to be unwarranted given that the higher level of existing property that is already on the market and the length of time that it has been there.

 

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