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Rightmove.co.uk – House Price Index, March 2009

The statistics show that the average property asking price rose in March for the second consecutive month:

March February

Average Property Asking Price £218,081 £216,163

% Change in Month 0.9% 1.2%

% Change in Past Year -9.0% -9.1%

Monthly Index (Jan 2002=100) 177.4 175.9

Key statistics are:

Encouraging spring impetus, though tempered by those willing to market raising average asking prices by £1,918 and continuing restrictions on lending as banks are only now facing up to declaration of toxic debt;

Agents report renewed buyer interest and a price floor at circa 25% below peak prices;

High proportion of spring sellers deterred by stark choices required to ‘do a deal’ with dramatic 57% fall in new listings – 79,000 this month compared to 182,000 last year;

Enquiries 120% up on last year, and active minority willing or able to trade push average time on the market down from 91 to 82 days;

Investor interest picks up as yields on property rental look more attractive compared to record low interest rates.

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