21 Jan 2010Blog

House prices jump 1.2% in first week of January – Dominic Welling, Financial Times Advisor

by m

Here’s an interesting article from Financial Times Advisor that I came across the other morning, quoting Commercial Director, Miles Shipside of Rightmove on the surprising ‘increase’ in property prices in the UK since the start of 2010.  Rightmove is one of the top recognised property websites in the UK.

The first week in January saw house prices jump 1.2 per cent, resulting in a total monthly increase of 0.4 per cent, as optimism grew and stock levels remained low, the latest house price index from Rightmove revealed.

This was a yearly increase of 4.1 per cent, and the first positive figure for two months, following monthly falls of 2.2 per cent and 1.6 per cent in December and November respectively.

Miles Shipside, commercial director of Rightmove, acknowledged surprise and said the 0.4 per cent increase was a big turnaround in figures that were on course for a third consecutive monthly fall.
He said: “This rise in asking prices is an early indicator that new sellers in 2010 have the confidence to try for a higher price, as the index was lined up for a fall until the turn of the year.

Source: FT Adviser

What are your thoughts on his opinion of the current status of the property market in the UK and do you think this slight increase in property prices is in indeed a sign that property owners are regaining their confidence in the market and that supply will outweigh demand later on the year?