Asking prices increased by £5,000 in February due to a lack of houses, Rightmove says

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18th February 2015 10:24 - Housing

A survey by Rightmove has found that February 2015 has seen property asking prices in England and Wales increase by over £5,000, due toAsking prices increased by £5,000 in February due to a lack of houses, Rightmove says a severe lack of properties going up for sale.  The UK’s biggest online property portal, Rightmove, attributed the lack of houses on the market to a rise in the number of buy-to-let investors due to the fact that, landlords usually keep houses for a longer period of time, than those who buy a house to live in.

Rightmove claimed that on average, people asked for 2.1% more for their properties in February 2015 compared to January of 2015.  This figure translates to £5,729, which in turn increases the average price of a house in England or Wales to £279,004.

For first time buyers, the average asking price rose by 2.4%, from £163,251 in January 2015, to £167,107 in February.  On the other hand, those buying their second home saw a 1.2% increase to £231,317 in February.

As a result of the new pension rules, the issue of lack of homes on the market may get worse, as the people seek to purchase buy-to-let properties as a source of income when they retire.

Rightmove claimed that the falling numbers of properties on the market, could also be due to people being hesitant to sell their home, just in case they cannot find another home to buy.

According to Rightmove, the amount of people selling their homes fell by 4% in February.  However, the average amount of houses for sale, per branch of estate agents, hit an all-time low in January, with a figure of 57.  December saw an average of 58.

New Year is usually a slow period for estate agents, as less people choose to buy and sell their home during this time of year.  However, Rightmove saw 100 million people visit its website during this time, to browse the property market.

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