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ASKING PRICES NINE PER CENT HIGHER THAN MARKET PRICES

ASKING PRICES NINE PER CENT HIGHER THAN MARKET PRICES (Buying)

by administrator @, Friday, July 29, 2011, 10:49

Asking prices of properties that came onto the market in June were 8.9% more expensive that those already for sale, according to the latest House Price and Affordability Index from FindaProperty.com.

These findings show increasing optimism among home sellers in June. FindaProperty.com also found that although sales prices for UK homes remained largely unchanged in June, the upper end of the property market showed signs of strength with 5 + bedroom homes now selling at their fastest rate since June 2008.

The findings show average asking prices dropped fractionally by 0.1% in June to £221,110, from £221,237 in May. However, while asking prices remained broadly static across the board, the market for larger properties showed increased strength as the length of time 5+ bedroom properties stay on the market fell by 10% compared with May.

Additionally, while the average asking price remained largely unchanged through the month, new properties coming to the market had a significantly (8.6%) higher typical asking price of £240,019, suggesting an upturn in confidence amongst sellers.

FindaProperty.com believes the high demand for larger family homes demonstrates the current strength of the "home movers" market - those who do not face the challenges facing first time buyers, and are benefiting from continuing record-low interest rates. The data also suggests that there is increasing demand for these types of properties, relative to supply.

Samantha Baden, property analyst at FindaProperty.com, said: "People who decided to put their homes on the market in June asked for an average 8.9% more than those whose homes were already on the market, which shows a promising level of optimism is returning to the sellers' market. From a buyers' perspective, we are seeing strong sales performance for larger family homes, with 5+ bedroom properties selling 10% faster on average than last month.

"This activity at the top end of the market is caused by ever increasing demand for a limited number of large family homes. This is being fuelled by access to affordable mortgage rates for those who have demonstrated they can handle them responsibly and are able to contribute their own capital."


www.FindaProperty.com


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