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Asking prices continue to rise

20 April 2009
Written by Rosalind Renshaw

New properties listed for the first time this month on Rightmove have average asking prices that are 1.8% (£3,996) higher than in March.

It provides the clearest evidence yet of over-valuing in the face of sellers’ misplaced optimism.

It is not only the largest rise for 14 months, but the news comes just one day before the launch of Rightmove’s new weekly property bargain service – which, from tomorrow, will show the price reductions on Rightmove properties which have failed to sell.

Around 80,000 properties listed on Rightmove are having their prices cut by at least 2% each month. Rightmove is hoping that its new bargains listings will help agents convince sellers to accept price cuts.

Today’s Rightmove survey, looking at newly-listed properties, also contrasts with another new survey, from Home, which tracks asking prices of all properties on the market – not just new listings – on all the main portals.

The Home survey is produced in conjunction with Calnea Analytics, the consultancy that produces the Land Registry house price information.

It found that asking prices across England and Wales have fallen this month by 0.4%.

And it found that asking prices of 66,316 homes on the market were cut in March – more than in February. The average cut was £20,592.

The Home survey also found that time on the market has increased dramatically and now stands at 175 days, compared with 80 days last April. However, this finding is in complete contrast to Rightmove’s survey, which says that time on market has actually fallen month on month from 81 to 77 days.

Comments

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    Drive for show, putt for dough. Instructions are down so what else have the poorer agents got to makret themselves- age old ones- Lower fees, tell vendor the price they want to hear. The only way back is increased volumes of salable stock and sensible peole having been given sound advice by the best agents, so they actually can move a free things up. I know lets do it all "no sale no fee" and keep losing money!!!!

    • 21 April 2009 13:53 PM
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    Weeve got no mice either, but were getting alot of Rightmove properties to sell (all overpriced)but now reduced inline with market values. These same agents are now having to over value to replace there dwindling stock .... more nails in a coffin.

    • 20 April 2009 14:04 PM
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    For heavens sake you lot wake up, overvaluing is an excuse for not selling. The reason why sellers are "overvaluing" is simple, many cannot afford to sell for anything less. Thats what we find and react to the sellers request accordingly. There is an obvious "sweetner" %down if needed but not too much and we are selling, not a lot but enough to keep the office cat in food! Meow

    • 20 April 2009 12:41 PM
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    It provides the clearest evidence yet of over-valuing in the face of sellers’ misplaced optimism .....

    Wow Rosalind - you really are our voice !

    Can't remember the last positive spin you put on something - please - open your eyes just a little !

    • 20 April 2009 12:17 PM
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    Did anyone else get the email about a negotiator job vacancy? As a Director with Staff I don’t take kindly to attempts to poach my staff, however subtle the method. How would Estate Agent Today like it if I emailed their staff offering similar jobs for rival organisations? We signed up for the property blog and not to have our staff poached…..whoever authorised this email should explain themselves!

    • 20 April 2009 12:15 PM
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