Property asking prices rise

18-Feb-2008

Property asking prices rose between January and February, according to the latest data from a property group.

Rightmove reports that the average property asking price rose from £230,428 in January to £237,856 this month - representing a 3.2 per cent increase.

According to the firm, the cost of obtaining a home information pack may be "deterring" new sellers from placing their property on the market, sending prices upwards.

Miles Shipside, commercial director of Rightmove, said: "Most sellers obviously want to achieve as much as possible for their property, and traditionally they choose to test a more ambitious price early in the year as they have plenty of time to adjust it down later."

Earlier this month, Halifax reported that the average price of a home has increased by £7,628 over the course of the last year.

Martin Ellis, chief economist at the firm, predicted that house prices "will be flat" this year and that the Bank of England will cut the base rate twice this year.

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