UK Housing Prices rise 0.8% in March, Rightmove Report.

March 24, 2008 - Forex Economic News

UK Housing Prices rise 0.8% in March Rightmove Report.

UK housing prices increased in March according to data released today by Rightmove.co.uk. Housing prices increased by 0.8 percent in March to £239,655 after rising 3.2 percent in February. Year-over-year, housing prices increased by 5.0 percent which is slightly down compared to February's year-over-year rate which registered 5.8 percent. Rightmove.co.uk is a real estate website that lists 90 percent of the homes for sale in the UK.

Rightmove suggests in the report that sellers should be smarter and price their houses more competitively in a real estate climate that is seeing very high housing inventories and stricter mortgage lending practices. The housing price levels are only off about 1 percent of last year's record high of £241,642 despite the increasing number of houses coming to market. Commercial director of Rightmove Miles Shipside, states in the report: “Most sellers coming to the market seem to be ignoring the increased competition from other unsold properties and the challenge buyers now face in obtaining a mortgage. As many of these sellers are likely to be buyers themselves, they seem to be trying to bank a higher figure for their home but want a bargain when they buy. It’s human nature, but in the current market, sellers should price below their competition to achieve more interest now and avoid a larger price drop later in the year.”

Tags: rightmove, uk housing prices, miles shipside, united kingdom house price, uk real estate

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