House prices experience 'slowest March ever recorded'
House prices experience 'slowest March ever recorded'
Monday 15th March 2010
The UK property market has experienced its "slowest March ever recorded", the latest house price index claimed on Monday.Rightmove said there was a virtual price standstill, due in part to new sellers asking just £216 more for their home; the lowest rise ever recorded by the firm for March.
Despite house prices remaining stagnant, there was an increase in supply of new homes on the market, as "previously snowbound sellers return, leading to highest new property supply for 18 months", according to the property website.
Miles Shipside, commercial director at Rightmove said: "As usual we've seen a winter price lull followed by a new year bounce, though at a national level it's never previously fizzled out before spring has really sprung.
"Observers of the market should note that new sellers are up by over a third on March last year and by 17.5 per cent on last month, so in some areas more restrained pricing is required as a direct consequence of buyers having more choice.
"We still forecast some further rises in the first half of this year when buyers have picked over the newly marketed stock, though the small increase in March shows how much more unpredictable the market has become," he added.
The average asking price for a home in March, according to the index, was £229,614, compared to £229,398 the month before.
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