London house prices rose 5% in January 2010
- 1st March 2010
- Selling Property News
Rightmove's latest report shows record house price rises and visitor numbers to its property portal website.
Property in London's popular areas is still in short supply leading to record house price rises in the capital. A report from property portal Rightmove tries to make sense of this strong performance in an unstable economic climate.
Miles Shipside, commercial director of Rightmove comments: "A price jump of over 3% is more comparable to the pre-credit-crunch boom-times. Sellers are setting their sights higher, and some agents are going along with them in order to win scarce instructions."
Rightmove site traffic is a barometer of buyer intent as evidenced during January 2010. Pages viewed were up 29% on January 2009, at 710 million. For the first time, the number of visitors to the Rightmove website exceeded the one million threshold in a single day on 25th of January. Rightmove says that with prices 'recovering' there will be fewer bargains to be had this year, so agents and sellers may have to work harder to put a deal together.
Shipside comments: "Sellers are starting to appear in greater numbers, but they must realise this market is more akin to the mortgage-rationed times of the 1970s and 1980s than to more recent times of relatively easy mortgage availability.
For individual sellers it's hard to grasp the bigger picture and they rightly hope they will find a buyer who can get the required share of the rationed finance that is available. This works after a fashion while the number of sellers remains limited. However if sellers return to the market in larger numbers the current upwards house price pressure will not be sustainable with the restricted number of buyers."
For further information and conclusions about the recent record house price rises in London, view the link to full story below.
A price jump of over 3% is more comparable to the pre-credit-crunch boom-times.
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