RTTNews - The average asking prices of properties in the UK rose 0.6% in July, after dropping 0.4% in the preceding month, the latest report from the property website Rightmove said Monday. This is the fifth monthly increase for the year, it said.
Compared to the previous year, the prices were down 3.1%, slower than a 5.5% drop in the preceding month. The average property asking prices stood at GBP227,864 in July, up from GBP226,436 in the previous month.
The Rightmove said the latest figures suggest that the housing market will remain in a 'steady state' during the second half of this year.
The property website noted, With growing confidence that we've passed the bottom, buyers are more active, although they may discover that many of the best buys have gone. At the same time,it said there was increased activity from sellers also.
The increased confidence and activity is tempting more sellers to test the market, as they seek to take advantage of the smaller price difference to trade up to a better home, Rightmove said.
The report pointed out that with the initial asking prices increasing by 6.7% since the beginning of 2009, and with better prospects of finding a buyer, the number of new sellers rose to its highest level so far this year.
This month's average is 21,364 a week and, while still well below the historic norm of circa 35,000, it represents a 20% increase in sellers coming to market compared to the previous year-to-date average, the report added.
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