UK Property Asking Prices See First Rise Since May, Rightmove Reports
Rightmove Data Reveals Trends in UK Property Market
Overview of Recent Price Movements
LONDON, Sept 21 (Reuters) - British property sellers have increased the prices they want for their homes for the first time since May, real estate website Rightmove said on Monday.
Prices for property put up for sale rose by 0.7% between August 9 and September 12, a slightly bigger monthly increase than average for the time of year and following a drop of 2.0% in the preceding four weeks, it said.
Key Findings from Rightmove
Rightmove also said:
Asking Prices and Market Activity
• Asking prices were 0.8% lower than a year earlier, after a 1.0% annual drop in Rightmove's August report
• The number of homes available to purchase hit a 12-year high
• The number of buyer enquiries was 9% lower than this time last year
Expert Commentary and Economic Context
• "September’s above-average price rise is a welcome sign of confidence after a particularly subdued summer, but it should be viewed as a modest recovery," Colleen Babcock, property expert at Rightmove said.
• The average two-year fixed mortgage interest rate rose to 5.29% from 5.09% and there was little prospect of an end to the Iran war which has pushed up borrowing costs.
Article Credits
(Writing by William Schomberg; editing William James)
