Sellers raise asking prices

THE average asking price for a UK property rose 0.6 per cent in September on the previous month, trimming the annual decline to 1.5 per cent as a shortage of stock boosted sellers&rsquo; expectations.<br /><br />According to figures from property website Rightmove published today, sellers are now asking an average of &pound;223,996 for their homes as they try to take advantage of the autumn moving season.<br /><br />The lowest stock levels for 18 months have boosted asking prices, with 10 properties coming off the market for every eight coming on to the market. Estate agents now only have 69 properties for sale on average.<br /><br />The recovery in London asking prices is continuing to take root with new London sellers increasing their average asking prices by 0.9 per cent to &pound;390,768. Back in July, London house prices temporarily turned positive on the previous year, but despite agents reporting brisk sales, the number of new sellers in the London area remains subdued.<br /><br />The three most south-easterly regions (Greater London, the South East and East Anglia) all saw monthly rises in asking prices while the rest of England and Wales continued to experience monthly declines.<br /><br />However, lack of credit could see both buyers and sellers stymied. Miles Shipside, commercial director at&nbsp; Rightmove, said:&nbsp; &ldquo;Confidence is up, stock is down, and the number of people searching is high. There are lots of positives but too few buyers can put down the 40 per cent deposits that are needed in order to secure the best mortgage deals. <br /><br />&ldquo;Finance greases the wheels of the property market, and it is anybody&rsquo;s guess when we might see the necessary level of competitive funding return,&rdquo; he added.