Monday, March 24, 2008
Rightmove: prices up +0.8% in Feb
Home sellers pushed up asking prices for property last month, despite a significant slowdown in the housing market and a lending squeeze by the major banks, according to Rightmove. People putting their homes on the market for the first time raised their average asking prices last month to £239,655, an increase of 0.8% (£1,799) on January. Rightmove said sellers were deluding themselves that buyers were prepared to pay high prices at a time of heightened anxiety. It said sellers were "ignoring market reality" when the credit crunch was already cutting deep into the number of sales and consistently dragging down sale prices. The average number of unsold properties on estate agents books also rose.