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BTL Investors ‘Piling into Market’ says Rightmove

March 20, 2013  |   Uncategorized   |     |   0 Comment

Asking prices for properties new to the market have shot up to hit an all-time record high for March, boosted by buy-to-let investors “piling into the market”.

Rightmove said this morning that the average new asking price is £239,710 – 1.7% higher than last month and just beating the previous record in March 2008 of £239,655.

Asking prices are now 1.2% higher than this time last year, and compare with the lowest March asking price of £218,081 in 2009.

The figures, published two days before the Budget, may give Chancellor George Osborne some last-minute food for thought.

Miles Shipside, Rightmove director, said: “In today’s turbulent world where economic crises seem more likely to reappear than disappear, any market upturn will take longer to build home-mover confidence to the point that it starts to feed through to actual transactions.

“Even those who truly believe that the market has turned a corner may be unable to do anything about it due to lenders’ cautious risk profiling, a significant factor limiting the speed and strength of the recovery.

“However, with new sellers asking more than ever before as we enter the traditionally busy spring market, and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building.”

According to Rightmove, there has been a 12% month-on-month increase in new seller numbers, but unsold stock per estate agency branch is virtually unchanged at 65 properties, suggesting that more properties have either been sold or removed.









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