It’s a seller’s market in some parts of the countryMonday, 20 February 2012 09:43
Now could be the best time to move from a flat or apartment into a family home, according to recent figures.
The Rightmove.co.uk House Price Index is out today and shows a 4.1 per cent increase in asking prices between January and February.
But the message from Rightmove director Miles Shipside is to check your micro-market before making any property decisions.
“The biggest jump in new sellers’ asking prices for nearly ten years indicates there is pricing power if you are selling the right type of property in the right place where enough potential buyers have access to funding,” Mr Shipside said.
“ If your local market does not have those characteristics and your price-pump is based on little more than seasonal optimism and an estate agent’s hot air, then be prepared for buyer response to be a let-down.”
The index shows a 4.5 per cent increase during the year in the asking prices of flats and apartments with the average for February hitting £195, 308.
At the same time the price for terraced or semi-detached properties dropped year-on-year by 0.1 per cent and 0.2 per cent respectively.
This suggests a move from an apartment to a larger property would be a prosperous one.
The areas performing the best in February are the South East where asking prices increased by 6.9 per cent and the north where they rose by 5.6 per cent.