23 Apr

Still a buyer's market, says expert

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.

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