Average house price up 3.1% in February

Landlord Expert
By Landlord Expert February 22, 2011 14:02

The average asking price for a typical UK property increased by 3.1 per cent in February, according to a new report from Rightmove, which revealed that the year-on-year rate has remained largely unchanged.

A movement of just 0.3 per cent over the same month last year has left the average asking price at £230,030, with the number of new sellers in London up 21 per cent on the previous year.

However, the capital was one of few 'elite' markets to experience such activity as downsides resulted in average prices and volumes remaining largely flat nationally.

Furthermore, Rightmove revealed other issues facing the market as it measured 1.3 million marketed properties in 2010, compared to just 530,000 mortgages, highlighting the continuing funding constraints.

Meanwhile, demand for rented properties continues to increase, according to Paragon Group's Private Rented Sector Trends report, which has revealed that it hit a two-year high during the last three months of 2010.

Four out of ten landlords polled said that tenant demand grew during the period, marking the sixth consecutive quarterly increase.

Landlord Expert
By Landlord Expert February 22, 2011 14:02

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