Sellers 'might regret not responding to buyer interest'

News Category: Marketing

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More prospective homebuyers could decide to switch to rented accommodation after a 1.2 per cent increase in house prices this month.

The statistic came from the latest Rightmove house price index, which found that many sellers have pushed up their asking prices despite the current financial climate.

Difficulties in obtaining mortgage finance amid the recession was recently cited by David Newnes, managing director of estate agent Your Move, as a key factor in persuading many would-be property buyers to switch to the private rented sector.

Falls in mortgage lending has boosted the residential lettings market as people opted for the flexibility of renting instead, Mr Newnes explained.

Miles Shipside, commercial director of property website Rightmove, also commented that tight lending criteria from banks and building societies is frustrating "pent-up demand" in the housing market.

On the house price increase he added: "While sellers have been more conservative in their new-year bullishness than last year, they may regret not pricing more aggressively to capitalise on the spring surge in buyer interest."

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