SALES NEWS: Asking prices rise in February – but this may be short-lived
The asking prices of homes going on sale has hit a new record after a 2.9 per cent rise in the month to mid-February according to the property portal Rightmove.
This comes despite a five per cent increase in the number of homes being marketed, after a shortage of properties for most of 2015.
However, Rightmove stresses the rise in supply may be down to sellers wanting to take advantage of ‘rush purchases’ by landlords ahead of new stamp duty charges coming into effect in April 1. This short-term demand may also have encouraged sellers to ask prices which cannot be sustained beyond April – so they may ease back then.
As always, there are very significant variations in market conditions and prices from place to place; it is key for sellers to take advice from locally-based agents.