The latest report from Rightmove found sellers still raising prices despite the state of the market in the New Year
Despite house prices falling by 9.1% year-on-year for February, house sellers were still putting their properties on the market by an average £2,593 higher than the month before in an effort to sell their properties says a new report. Rightmove found that this flies in the face of consumer sentiment, as in its consumer survey 9 out of 10 potential homemovers clearly stated it was ‘a bad time to sell.’
Despite a positive price change in January Rightmove are also predicting further monthly falls this year and sales are currently being achieved at around 25% below peak prices while the number of sellers coming onto the market remains at record lows.
Commercial director at Rightmove, Miles Shipside, said: ‘New sellers are 45% down year-on-year for February last year. In spite of these being ideal trade up conditions discretionary sellers are being deterred by uncertainty over mortgage finance and employment… The availability of good quality property at distressed sale prices is likely to present a wider choice of owner-occupiers as opposed to just investors.’
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