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Rightmove is reporting its highest ever average asking price as a result of a slump in the number of homes being put up for sale in the run up to the general election.

The portal's latest monthly price index shows the typical selling price has risen 1.6 per cent in the past month alone, to a record £286,133 easily surpassing the previous high recorded last June.

At the same time there has been a slump in the number of homes on sale - new sellers are four per cent lower than this time last year, a figure which roughly coincides with data released last week by the Royal Institution of Chartered Surveyors.

Meanwhile Rightmove itself has enjoyed its busiest-ever month in March - website visits were up almost 20 per cent year on year, to a total of over 115 million.

Rightmove commercial director Miles Shipside says: "Failure to meet house-building targets since the 80s, 90s and noughties to match housing demand has been a major factor in upward price pressure in the sales and private rented sectors."

This time last year things looked rather different. There had been an 11 per cent rise in new seller numbers recorded by Rightmove between January and April 2014 - this year, the numbers are four per cent lower.

"While the annual rate of price increases may be dropping back from 5.4 per cent last month to 4.7 per cent this month, it's of little comfort to buyers as even more modest increases stretch buyers' finances into new territory with prices at record average highs" says Shipside.

In a separate report on the market from Reeds Rains and Your Move agency chains, director Adrian Gill says that while prices may still be rising "sales appear to be treading water" with the number of completions scarcely half the typicasl volume for this time of year.

Comments

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    "Your answer does not answer the original question."

    HOW does it not answer the question You asked "which bit of information is correct" in relation to this article stating that asking prices are rising, but another reporting that the London market is 'cooling' pre-election.

    I simply stated that BOTH can be correct - and gave the reason.

    I'm sorry - but I simply fail to see which part of that you are having a problem with.

    If you disagree with the above - then that is different and I await your reasoning.

    "What's attacking got to do with property prices" Nope - sorry - I've tried to figure that comment out, but you're going to have to explain that one to me.

    Quiet Not even maybe - but in any thirteen hour day I'm allowed a little playtime, you know...

    • 21 April 2015 13:02 PM
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    PeeBee

    I am not sure these personal attacks are warranted for. I only imagine your estate ageny is very quiet business and you spend far too much time as a keyboard warrior.

    Your answer does not answer the original question.

    I may be blind - I understand that as a limitation but which one is worst being illiterate and not knowing you are one or being blind but acknowledging your limited ability

    I'll let the audience decide as long as you do not abuse them

    What's attacking got to do with property prices Of course a quiet estate agent office explains it

    • 21 April 2015 12:05 PM
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    Are you "an idiot for asking for obvious" If you say so.

    I'd rather say you're blind for missing the previous explanation I gave, in answer to your question "house marketing can't be cooling ans asking prices rising at same time". Allow me to repeat:

    [b]Why not ASKING PRICES bear no relevance to "the market".[/b]

    Can I be any clearer

    • 21 April 2015 11:42 AM
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    OK peebee

    What is the answering seeing as you are the clever one and I'm an idiot for asking for obvious

    I await for a response.

    • 21 April 2015 11:20 AM
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    This comment should have appeared below yours - don't know why it didn't.

    'Experience' was at its most useful at the time it was needed. It is something to look back on - but rarely useful again because the goalposts are constantly moving.

    Suggest you read some of this posters other comments and hopefully you will understand my "reacting harshly"...

    • 21 April 2015 08:42 AM
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    A Gent

    I'm no expert (happy, Mr Davies...) - but could I suggest that the differential is down to the fact that more lower-priced properties sell than those at the higher end of the market - all of which are chucked into the funnel at the top of the sausage machine...

    • 21 April 2015 08:36 AM
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    I didn't say you were wrong, I just said you were reacting too harshly to a perfectly legitimate question. I wouldn't say it was an obvious thing, even to those of us in the industry. There are still many things I don't fully understand about estate agency, but I'm learning all the time. We don't all have the luxury of years of experience to fall back on.

    • 21 April 2015 08:35 AM
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    RM says vendors are asking for something like 290k. Nationwide says vendors are selling for avg 190k. Something don't add up.

    • 21 April 2015 08:28 AM
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    Since when did this turn into MY "expertise" being the issue here, Mr Davies

    Do you disagree Can't a market be "cooling" yet asking prices continue rising

    Sounds like one and the same to me... but perhaps you know better.

    Enlighten me, please...

    • 20 April 2015 16:23 PM
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    Steady on, PeeBee. Who put a bee in your bonnet over the weekend

    He asked you a perfectly reasonable question and you've responded with an overly aggressive answer. Not everyone is as expert as you, no need to shout down others for wanting to find out more.

    • 20 April 2015 16:01 PM
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    "house marketing can't be cooling ans asking prices rising at same time"

    Why not [b]ASKING[/b] PRICES bear no relevance to "the market".

    You'd know that if you knew squat about "the market" you are commenting on, of course...

    "property saviour" - just WHAT are you professing to 'save' - and how do you intend to save it

    • 20 April 2015 15:30 PM
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    PeeBee

    I'm sorry for asking the bleedy obvious. Two bits of information house marketing can't be cooling ans asking prices rising at same time. It does not need an Einstein to work out that it is conflicting information.

    Or is this a 'feel good' election campaign news

    • 20 April 2015 14:57 PM
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    Here we go again.

    • 20 April 2015 14:52 PM
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    A tight supply of available property to buy will course encourage sellers to be particularly bullish on their asking price but for this to be meaningful there has to be buyers who are willing and able to meet these price expectations and with wages for the masses still largely subdued and lenders imposing stricter lending criteria there is no indication that generally buyers will be able to follow the market ever upward. As for Rightmove reporting higher volumes of Hits on the property portal, that is only relavant if it results in an uplift in firm enquiries for the agents who subscribe to the site.

    • 20 April 2015 10:21 AM
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    Nice one, OTM!

    • 20 April 2015 09:09 AM
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    Since[b] when [/b]have you needed correct information to pass comment on

    Why can't BOTH bits of information be correct

    • 20 April 2015 08:18 AM
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    Hi Graham,

    Interesting article that asking prices are rising HOWEVER yesterday Rightmove reported that market in London is cooling pre-election Can you comment please, as some clarity is much needed to understand which bit of information is correct

    • 20 April 2015 06:52 AM
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