Property buyers 'show resistance for rising prices'
The price of the average home on the property market increased by 3.2 per cent this month, according to new figures.
Rightmove has revealed that asking prices have risen by 6.1 per cent in the past year to an average of £229,398.
Meanwhile, the number of properties coming to market was up by 19.8 per cent on the same period in 2009.
In Greater London, asking prices increased by five per cent in February 2010 compared to the previous month and by 10.3 per cent compared to February 2009 to stand at an average of £427,987.
Such news may mean flats to rent in Notting Hill or another part of the city are a significantly more affordable option than buying in the same area.
Indeed, Russell Jervis, managing director at haart, said many Britons appear to be reluctant to fork out for high property asking prices.
"There is a resistance from buyers to match the increased asking prices, as offers still come in at between 92 per cent and 95 per cent of the asking price," he explained.
Written by Andy Britten
Published 17th February, 2010
© 2010 Estates IT Limited
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Britons are showing "resistance" in meeting rising house prices, one sector commentator has asserted - which may see more people opting to look for property to rent in London.