Property market firms up; average asking price crosses £200,000 |
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Published
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Mon, 20 Feb 2006 14:05
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LONDON: House prices rose to their fastest rate in two years this month growing above the £200,000 mark for the first time.
The UK’s housing market showed signs of firming this month, as asking prices gained up to reach a two-year high, according to a survey by property website Rightmove.
The average asking price from early January to mid-February spiked up 2.7 percent at £201,600. The annual growth in asking price touched 4.0 percent year-over-year from the 3.6 percent observed in the previous survey.
Property dealers and intermediaries consider it a significant sign that the market is now poised for more activity in the coming months. There were more completed sales during the month and buyer interest seemed to grow as indicated by the reduction in the time it takes to sell a property - from 94 days to 81 days.
Another encouraging sign was that areas with fewer number of properties on the market, were the most active. Properties were ‘flying off the shelves’, the website said.
New sale instructions had surged to 154,812 a new record while the average number of properties on the books saw no change at 61.
Rightmove’s monthly survey takes into account asking prices for properties that are listed on its website.
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Rightmove to list on bourse in March, investors to part-divest holding 