Average asking prices for UK homes have increased by almost £4,000 during April in the largest price rise seen for 14 months, new figures have revealed.
According to the latest House Price Index from Rightmove, the average property asking price has risen by 1.8 per cent to £222,077, from £218,081 the previous month.
This marks the third consecutive month that average asking prices have risen, which Rightmove suggests may indicate that that confidence is finally returning to the UK property market .
The company’s latest data also showed the number of sellers in the market has grown in the past month - another sign of returning confidence. Some 22,260 new home owners per week are currently looking to sell their properties, up 13 per cent from March.
However, Rightmove warned that whilst the news may appear to be encouraging many new sellers are still starting too high with their asking price and that 16,000 homeowners are lowering their asking price by at least 2 per cent each week.
The property website added that until mortgage availability improves, any recovery of the property market is unlikely to be sustained.
Miles Shipside, commercial director of Rightmove, commented: "My view is that many sellers are still starting too high, but the fact that they are coming to market in greater numbers and feel they can ask more shows a strengthening in resolve and confidence which is an encouraging sign."
"It looks like we are now bumping along the bottom of the trough, but for there to be any real sense of optimism that we’re on a sustainable road to recovery the availability of mortgage finance needs to improve significantly given that mortgage activity is currently running at around a third of its average levels between 2002 and 2007."
"Thankfully mortgage lenders are finally starting to release more funds to finance new house purchases," he added.
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