LONDON (MNI) – UK homeowners cut their asking prices by 0.8%, the
third consecutive monthly fall, leaving house prices up just 0.4% on the
year, according to Rightmove’s January House Price Index report.
Rightmove found evidence, however, that house asking prices may not
be on a downtrend as the first week of 2012 saw asking prices rise by
1.4% and buyer enquiries increase with supply declining. Rightmove
claimed that this provided “an early indicator that a new seller
shortage” was likely to underpin prices this year.
Rightmove said there were record level of buyer search activity
and the smallest level of new listings, with 44 million property
searches in first 10 days of 2012, up 27% on 2011.
While the data show activity picking up, the implications for house
price moves in other, upcoming January surveys are unclear.
The Rightmove “January” survey, in fact, covered 36,433 asking
prices for properties put on sale by estate agents from December 11 to
January 7, and prices rose in the January bit of the survey.
The Rightmove survey is not seasonally adjusted, and may be
distorted by typical seasonal patterns, such as a new year bounce. The
2011 Rightmove surveys showed a modest rise in prices in the January one
and a sharp, 3.1%, rise in the February one, with the latter apparently
capturing the new year effect.
The most recent Rightmove surveys showed a 2.7% monthly fall in
December and a 3.1% fall in November.
–London newsroom: 4420 7862 7491; email ukeditorial@marketnews.com
[TOPICS: MABDA$,MABDS$]
