Rightmove the largest UK property web site reports that house prices continue to rise. With the election approaching this has not dappened the market in any way. Asking prices in April increased by 2.6 per cent on the average property, thats almost £6000 compared with March. Prices are running 6 per cent higher than in the same month of 2009.
Rightmove does add some caution though. “The shortage of properties widely credited as a key factor in recent price rises is starting to ease. More than 25,000 properties have been going on the market each week for the last two months, the longest sustained period at such levels since August 2008. Estate agencies’ unsold stock levels are also increasing, rising from 65 to 68 between March and April. Also if the General Election result is a hung parliament, the uncertainty could undermine the boost in activity which normally follows an election”.
“As far as the housing market is concerned, any election result is better than no result,” Miles Shipside, the commercial director at Rightmove, said. “In the even of a hung parliament, the market is likely to go into suspended animation until greater certainty emerges.”
Some would debate whether there is a shortage of properties. If asking prices continue to rise, all but the most popular locations are building themselves up for some of the gains to be lost later in the year. May will provide a lot more answers to the on going and ever changing views of the Uk property market.