Surge in houses for sale provides relief after months of stagnation

Published 20th Apr 2010

A surge in the number of properties for sale last month has provided fresh evidence of a spring revival in the housing market.

The number of new properties for sale rose to its highest since last October. Asking prices rose 2.6 per cent in March after several months of weak growth.

However, Rightmove, the property website, warned that the increased supply of houses would weigh on prices later in the year. Miles Shipside, its commercial director, said: “Prices are up but so is choice and the two are not happy bedfellows in the longer term.

“This year more than ever the traditional spring seller window is a price-sensitive one. If asking prices continue to rise, all but the most popular locations are building themselves up for some of the gains to be lost later in the year.”

The market was spurred by the Government’s removal of stamp duty for first-time purchasers buying below £250,000, Rightmove said. The average value of a property is now 6 per cent higher than a year ago, at £236,000.

Source: ' Times '

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