LONDON (MNI) – UK homeowners pushed up their asking prices at the
fastest rate for almost a decade in February, fueled by a scarcity of
supply and some evidence of easing mortgage conditions.
The Rightmove data showed asking prices rose 4.1% on the month in
February, the fast monthly rise since April 2002, to stand up 1.4% on
the year. While February would normally see a pick-up in activity, this
surge in asking prices is exceptional.
Rightmove said that in some housing market sectors demand exceeds
suitable supply and there is evidence of improving housing market
confidence, with the growing availability of 90% loan-to-value
mortgages.
London asking prices are back up to within 1% of their all-time
high, while mortgage deposit ratios have fallen.
The Rightmove data, based on asking prices recorded by estate
agents, come in much earlier than the monthly housing surveys based on
mortgage prices and are not seasonally adjusted.
The most recent Halifax house price survey, based on mortgages,
showed house prices up 0.6% on the month in January while Rightmove
recorded a 0.8% fall, highlighting the lack of easy read across between
asking and selling prices.
–London newsroom: 4420 7862 7491; email ukeditorial@marketnews.com
[TOPICS: MABDA$,MABDS$]
