Biggest increase in UK property asking prices since May 2010

The UK property market experienced the biggest increase in asking prices since May 2010 this month, with prices rising 0.5% according to the latest data from property website FindaProperty.com.

Results from the UK’s most comprehensive property survey based on data from over 400,000 homes across the country reveals that prices rose by £1,122 in a month, bringing the average asking price of a home in the UK to £216,968.

This is the second month that the housing market has seen a rise in the prices requested by sellers, following an increase of 0.3% in February. While it is too early to say for certain, FindaProperty.com believes that this could indicate a return of some degree of confidence to the market.

At a regional level, the North East was the only region to experience a fall in asking prices, with a month on month reduction of 0.2%. In contrast, London prices outperformed the rest of the market for the sixth month in a row, rising 0.9% since February.  

Nigel Lewis, property analyst at FindaProperty.com, said: “It’s been almost a year since we’ve seen asking prices rise consecutively. The unpredictable nature of the housing market means that it’s impossible to predict how prices will behave throughout the rest of 2011, but this month’s figures do indicate that consumer confidence is still present. The amount of housing stock currently on the market has also increased, suggesting that the movement in prices isn’t just a symptom of supply and demand.

“Even if the market is picking up, potential buyers needn’t worry as prices are still significantly lower than they were before the recession took its toll and there are still some excellent deals around if people are prepared to look for them.”