Monthly asking price increase 'highest for ten years'
20th Feb 2012
The average asking price for a UK property increase by 4.1 per cent this month, which is the highest monthly increase since April 2002, according to the latest figures.
There was evidence of increasing housing market confidence, which contributed to an unexpectedly strong price hike, fuelled by cash-rich market sectors where demand is exceeding supply.
According to the statistics, there are also more mortgage deals being completed this month, with the number of products available with a ten per cent deposit up by a third on the figure reported a year ago.
Across the UK, five out of ten people view property as a lower risk asset class, while 60 per cent state they feel the current market favours buyers, due to bidding power.
The data also provided evidence of dormant buyers 'springing back to life', suggesting that there has been some adjustment to the notion of the current volume-constrained but stable market being the UK standard.
Overall, upwards price-pressure has been sustainable in active cash-rich micro-markets with stock shortages, with the average price of property in London now within one per cent of reaching an all-time high, with new listings down nine per cent on this time in 2011.
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