Housing stuck in doldrums says Rightmove

21st Mar 2011 07:52

Asking prices for houses in England and Wales rose last month according to online estate agent Rightmove, though most of the activity is centred on the top end of the market Rightmove's survey showed prices in March were 0.9% higher than a year earlier, compared with 0.3% in February, with the average price for a property on the market now £231,790, against £230,030. Month-on-month, asking prices rose by 0.8% from 3.1% in February. There were some glimmers of activity picking up. Higher levels of enquiries and viewings in January and February appeared to be converting into sales, but the mood overall is still subdued, the firm added."The falling time on the market and stable spring stock levels would normally point to a healthy housing market. However, this year's celebrations will be severely muted by the knots the market has found itself tied up in," Rightmove director Miles Shipside said.The market is now driven by a need for larger deposits, leading to greater liquidity for more expensive property types which appeal to a wealthier demographic, while first-time buyers and terrace sellers struggle, Rightmove commented. "Overall the figures do little to shift the picture of stagnant house prices shown in other industry surveys, as limited mortgage availability, slow wage growth and job worries deter many house-buyers," it added.