Rightmove March House Price Index - Momentum Grows

              Rightmove March House Price Index - Momentum Grows

  PR Newswire

  LONDON, March 19, 2013

LONDON, March 19, 2013 /PRNewswire/ --

Rightmove's March House Price Index finds that momentum continues to build in
the housing market with several key indicators setting new post-credit-crunch
milestones. The net result is that, as we enter the spring market, new
sellers' asking prices are the highest ever recorded in the month of March at
£239,710.

Miles Shipside, Rightmove director and housing market analyst, comments: "In
today's turbulent world where economic crises seem more likely to re-appear
than disappear, any market upturn will take longer to build home-mover
confidence to the point that it starts to feed through to actual transactions.
Even those who truly believe that the market has turned a corner may be unable
to do anything about it due to lenders' cautious risk profiling, a significant
factor limiting the speed and strength of the recovery. However, with new
sellers asking more than ever before as we enter the traditionally busy spring
market and an expectation among home-movers of price stability or growth,
there is now a bedrock upon which confidence and momentum appear to be
building."

A further Rightmove Consumer Confidence Survey of more than 40,000 respondents
shows that 60% expect prices to be "more or less the same" in a year's time
and a further 23% believe prices will be higher. Only around one in nine (11%)
expect prices to be lower.

Shipside comments: "Positive sentiment on the future direction of property
prices is a vital element in motivating more people to buy including those
looking to trade-up. If they feel confident that prices aren't going to drop,
some will take the plunge, while those who are predicting price rises often
judge it wise to act sooner rather than later if they perceive delaying will
mean they pay more. Whilst outlooks on property prices differ and remain
patchy according to location and property type, overall there appears to be an
upturn in confidence."

In spite of a 12% month-on-month increase in new seller numbers, unsold stock
per estate agency branch has remained little changed, up from 64 properties
last month to 65 this. This suggests an increase in the number of properties
being sold and removed from active marketing. This bodes well for transaction
numbers in 2013. With March's average time on the market also falling from 90
days last year to 80 days this, property appears to be finding buyers more
quickly.

Contact details: Rightmove Press Office, press@rightmove.co.uk ,
+44(0)207-087-0700