Optimistic sellers produce new year UK house price boost
UK house prices experienced a boost in the first week of January from confident sellers raising their asking prices.
Rightmove found that house prices increased by 1.2% in the first week in 2010. This pushed the average house price in England and Wales up by 0.4% to £222,261.
Most indicators had been showing an increase in prices for December, with the Halifax suggesting increases of 1% and the Financial Times recording an increase of 0.8%.
Miles Shipside, commercial director of Rightmove, said: "This rise in asking prices is an early indicator that new sellers in 2010 have the confidence to try for a higher price, as the index was lined up for a fall until the turn of the year."
He added that they had been expecting a seasonal decrease of 1% but this was over turned by the 'optimism of early January sellers'.
More buyers were also showing interest in property as Rightmove experienced a 26% increase in visitors than in the first week of 2009.
The property experts suggest that prices could be pushed up further thanks to the 'historically low levels' of stock on the market.
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