Asking Prices Rise In May | 22.06.2009

Asking prices in England & Wales have risen by another 2.4% this month, as consumer confidence shows signs of returning and new sellers attach optimistic prices to their properties.

However, the annual change in asking prices has eased and now stands at -6.2%, from -7.3% last month.

The fourth consecutive rise this year, the increase could be due to a lack of new sellers coming to the market, which, at 60,928 this month, is the lowest number of new sellers in May for six years. To put this into context, prospective sellers should bear in mind that in the same period, 59,072 properties were reduced by 2% or more, with an average reduction of 6.8%.

Though improving consumer confidence is a key element to aid the recovery of the housing market, mortgage funding still remains difficult for the masses to obtain and new sellers need to price realistically or risk wasting those all-important first weeks on the market. There are home hunters out there!!

Article from Rightmove, May 09.