High supply slows March house price rise



15 March 2010 @ 07:34 am BST

Rightmove reported a virtual price standstill in house prices as new sellers ask just 0.1% (£216) more – the lowest rise ever recorded in March.

Previously snowbound sellers return, leading to highest new property supply for 18 months.

First quarter of 2010 shows overall asking price gain of 3.7% (£8,151) despite distortions from severe weather.

The average house price in England and Wales climbed 0.1% from February to £229,614.

Rightmove sees potential first-time buyers still struggling to enter home-ownership.

The gain in the UK compares to the 1.3% average increase for March from 2002 to 2009, Rightmove said.

Asking price gains slowed from last month’s 3.2% improvement, the biggest since April 2007.

The Rightmove report shows asking prices rose 6.1% from a year earlier.

Story provided by Business Financial Newswire

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