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Property Asking Prices Achieve New Records
Property prices have come a long way since the recession of 2007/2008. Despite fluctuations and hesitant lending from banks, June has seen a record rise in asking prices, particularly in property locations such as London and the South East.
According to property portal Rightmove, asking prices are 1% higher than they were last month, bringing new properties coming onto the market up to £246,235.
Admittedly these rises in asking prices are not consistent across the whole market, where in the North, prices have remained relatively stable. However, experts feel these rises are a positive sign that consumer confidence is returning.
And with an influx of new property investments coming onto the market, those with cash to invest will have plenty to choose from.
In the 3 weeks leading up to the Diamond Jubilee the property market saw 29,394 new sellers come onto the market – the likes of which haven’t been seen for 2 years.
Yet with this influx of properties, asking prices are unlikely to continue rising as this new supply will exceed traditional demands for property in the summer.
According to property portal Rightmove, asking prices are 1% higher than they were last month, bringing new properties coming onto the market up to £246,235.
Admittedly these rises in asking prices are not consistent across the whole market, where in the North, prices have remained relatively stable. However, experts feel these rises are a positive sign that consumer confidence is returning.
And with an influx of new property investments coming onto the market, those with cash to invest will have plenty to choose from.
In the 3 weeks leading up to the Diamond Jubilee the property market saw 29,394 new sellers come onto the market – the likes of which haven’t been seen for 2 years.
Yet with this influx of properties, asking prices are unlikely to continue rising as this new supply will exceed traditional demands for property in the summer.
Creative licence belongs to: http://www.flickr.com/photos/greenoddysey/2921027387/sizes/s/in/photostream/
More about the author of this article
Jatinder Singh, Property Mentor Delegate
A qualified chartered accountant, Jatinder Singh understands more than most about the financial implications of trying to get on the property investment ladder. Land tax, income tax, inheritance tax – using his specialism’s in land and property, Jatinder has helped many Property Mentor course attendees to successfully invest in property. Read more
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