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Sellers in the UK up their asking prices, but it’s a buyer’s market down south

Asking prices for homes across the UK rose by 0.9% this month, fresh data from Rightmove shows.

According to the property website, the average asking price of a home in England and Wales now sits at £309,122, up 6% compared with the same period in 2014, but is still behind last year when prices were boosted by the decisive outcome of the general election.

But the rise in asking prices disguises regional disparities, with two very different property markets developing.


In the north of England, there is a seller’s market, thanks in part to an 11% drop in the volume of homes on the market compared with this time last year. But the number of sales has increased by 3%, suggesting that there are more sellers, but with less choice.

In the south of England, it is increasingly becoming a buyer’s market, led by a slowdown in London.

After years of growth, home sales in London’s priciest boroughs continue to show signs of softening, and this has contributed to a 16% rise in the number of homes for sale compared with last year, while the volume of sales has dropped by 10%.

Miles Shipside, director of Rightmove, said: “This increase in the number of properties up for sale should not be misinterpreted as a glut of unsold property, but rather as an increase from the very low number of properties that agents have had on their books in the last few fast-selling years.

“While there is still underlying high demand in mass-market sectors, some find that affordability has become over-stretched while others judge that prices have risen beyond their true value.

“While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal.”


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