UK Money News
25th March 2008
House prices rose 0.8% in March
Asking prices for UK properties increased by 0.8 per cent during March, according to new data from Rightmove.co.uk.
The rise brought the average asking price up to £239,655 during the five weeks to March 15th.
March's increase follows a rise of 3.2 per cent during February.
Commenting on the findings, Miles Shipside, commercial director of the property portal, warned that the price rises were a by-product of unrealistic expectations of new sellers.
He said: "Most sellers coming to the market seem to be ignoring the increased competition from other unsold properties and the challenge buyers now face in obtaining a mortgage.
"As many of these sellers are likely to be buyers themselves, they seem to be trying to bank a higher figure for their home but want a bargain when they buy."
The property types experiencing the highest rate of growth in asking prices were terraced properties, which were up five per cent, followed by detached homes at 4.1 per cent.
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