UK: Biggest Rise Seen On Property Asking Prices
Property Asking Price in UK see their biggest boost for four years as prices for residential property coming to market is now £243,737, higher than the previous record nearly four years ago, says Rightmove.
The said figures is £1,237 higher than the previous highest prices recorded in May of 2008, few months before the collapse Lehman Brothers which indicated the credit crunch whose repercussions and aftershock are still greatly being felt by the whole world today.
Rightmove however, have stated that the rise should not be overstated that it is indicating that prices had kept pace with the inflation rate measured by the Retail Price Index in May 2008 then they would now stand at £270,459, so they have fallen by 9.9% in real terms.
The national property asking price average is buoyed by London’s strong performance – as London have found sufficient confidence to raise property asking prices by 14.9% way higher than new sellers in nationally which are asking 0.5% higher than the last record in May 2008.
Rightmove director, Miles Shipside explained that it has taken four years for new sellers to bump up their property asking prices from a national perspective. However, the said improvement does not totally imply that the real estate market is recovering.
“The richest seams of housing market activity are concentrated around those with access to cash and finance, with a strong bias to the south and London in particular”, Shipside added.