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Average Property Prices Up 3 Per Cent In February

Wed, 23 Feb 2011
Asking prices for properties have climbed 3.1 per cent this month, according to latest statistics from property website Rightmove .

The increase follows a 0.3 per cent rise in January and has left the average cost of property in England and Wales at £230,030 – similar to levels since twelve months ago but well above the average buying price of around £165,000 as recorded by the Land Registry .

The West Midlands and the East Midlands are the only areas of the country where house prices have fallen this month, dropping by 1.4 per cent and 0.1 per cent respectively. Homes in Yorkshire and Humberside saw the biggest increase in asking prices, at 6.7 per cent, followed by the north at 5.4 per cent.

Figures from Rightmove also suggest that the average house buyer is being locked out of the property market due to a lack of mortgage lending and the reluctance of sellers to drop their prices .

Rightmove director Miles Shipside said: "The middle tier, traditionally the mass-market that includes 'Mr Average' is suffering from paralysis due to a lack of mortgage finance and insufficient equity to trade up."

"Five hundred and thirty thousand mortgages were taken out in 2010, while circa 1.3 million properties came to the market over the same period."

"While not every property coming to market sells and not every buyer requires a mortgage, these figures show the clear imbalance between property supply and lenders' willingness or ability to find the traditional volume market."
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