23
Apr
Still a buyer's market, says expert
The property sector is still a "buyers' market" despite the recent
rise in asking prices reported by Rightmove, it has been
suggested.
Commenting on news that such demands rose by 1.8 per cent to
£222,077 in the past month, chairman of online change of
address service iammoving.com Simon Preston suggested that the
market is not likely to have its recovery held back by increases of
that size.
He remarked: "We are seeing some marginal changes and I wouldn't
talk up a marginal change. Let's see what actually happens in terms
of the value at which transactions are done."
Mr Preston also said that confirmation of a translation of buyer
interest into sustained higher sales activity would require three
or four months of positive Land Registry figures.
He also noted that the increase in asking prices has been
concentrated mainly on detached homes.
The latest Land Registry figures on house type, covering up to
February 2009, showed that over the previous year the cost of
detached properties fell by 14.8 per cent, less than any other kind
of residence.
