February increase in property market activity
- 11th March 2010
- Selling Property News
Houses prices in London rose by 5% alone in February and industry commentators say the market is moving.
February market reports from estate agency portal Rightmove compares the recent house price rises to boom-times.
Rightmove reports that London house prices rose by 10% in February 2010 compared to February 2009. The national house price rise figure for February stands at 3.7%. Rightmove points out that this has not been surpassed since April 2007.
Whilst the scarce supply of property is pushing up property prices, RICs reports that the balance of supply and demand is now starting to shift.
ludlowthompson estate agency in London reports that its enquiries from sellers via property portals strongly increased in January and February 2010.
Suzanne Gray, Director of ludlowthompson estate agency comments: "In September 2009, ludlowthompson saw seller enquiries from portals dip sharply downwards, and now for the second month in a row sellers' enquiries are gradually rising. However we still have a shortage in supply of properties to sell."
The Rightmove Consumer Confidence survey says that more people in London and the south east believe that now is a good time to sell property. The recent rise in the number of new more affordable mortgages should also give the property market a boost.
Now for the second month in a row sellers' enquiries are continuing to rise from property portals.
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