House prices up in February
News Category: Industry News
Published: 18-Feb-2008
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UK property prices have increased this month, following a four-month cooling period in the market.
That is according to the latest house price index from property website Rightmove, which revealed that house prices rose by 3.2 per cent between January and February.
The average UK house price now stands at £237,856, representing an increase of £7,428 on last month's figure.
It was observed by the site that sellers have a tendency to mark up their asking prices at this time of year, as the lack of time constraints encourages them to test the market.
Commenting on the data, Miles Shipside, commercial director of Rightmove, said: "Most sellers obviously want to achieve as much as possible for their property, and traditionally they choose to test a more ambitious price early in the year as they have plenty of time to adjust it down later.
"It's not the start ofanother price boom, but the interest rate cuts have no doubt given some sellers headier hopes.
"These are likely to prove to be unwarranted given the high level of existing property that is already on the market and the length of time that it has been there."
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