Asking prices being increased by sellers
According to a recent report homeowners that have been putting their homes on the market in the hope of selling them have been pushing up asking prices, with many realising that the lowest stock levels in around ten years could work to their advantage.
The data comes from the property website Right Move, and officials from the company have said that on average homeowners that put their homes up for sale via the website in January were asking for around 0.4 percent more than those that put their properties up for sale in December.
Whilst the asking price has not increased by a huge level, this could signify a trend that will continue over the coming months. The additional 0.4 percent that sellers are now asking for has pushed up the average asking price from £221,463 in December to £222,261 in January.
The property website claims that in the current climate there are large numbers of would be buyers trying to get one of only a small selection of properties for sale, and this has made it into a seller’s market and enabled homeowners to increase their prices.
Officials from the website said that in the current market buyers had little choice but to accept these asking price increases, particularly in popular areas where there are sought after properties but only a limited number coming onto the market. Some industry officials are concerned that stock levels of properties coming onto the market have sunk so low, and there are even concerns that property availability may dry up.
A spokesperson for Right Move said: ‘The rise in asking prices is an early indicator that new sellers in 2010 have the confidence to try for a higher price. We are now seeing the lowest number of properties on the market this century. Buyers have little choice in popular areas, and while this continues sellers have a window of opportunity to obtain a higher price and a speedier sale.’
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