London, UK (24th May, 2012) – MeetMyAgent.co.uk, an independent estate agent review and rating website, comment as it is revealed that for the first time in a decade, asking prices of properties new to the market have not risen in May.
Rightmove reports that since its inception eleven years ago, it has never been the case that new sellers in May have not raised their asking prices, and the website advised that this could be due to the market losing its ‘spring momentum’ earlier than usual.
Statistics gathered by Rightmove show that even as the market was going into recession in 2008, prices rose each May (0.4% in 2007 and 1.2% in 2008). In 2011, asking prices rose 1.3% in May, and the May bounce has been as high as 3.2% in past years.
The site believes their statistics hint that the market is currently taking ‘a breather’ as both demand and new supply reduce; supply of new properties on the market was 10% down on April, which may have contributed to the stagnancy in May this year.
A spokesperson for MeetMyAgent.co.uk commented: “What we have to remember here is that these statistics are drawn from asking prices rather than sold values, which give a more accurate indication as to price movement.
“However, these figures do paint an interesting picture; it could well be that sellers are becoming more realistic with their asking prices, taking into consideration the current financial climate, and the caution amongst buyers struggling to access finance in a still restricted mortgage market.
“This could prove to be good news for the housing market, as the closer sellers’ and buyers’ price expectations are to each other, the more likely a transaction will take place and people get moving.”
For more information on MeetMyAgent.co.uk and their local estate agents, visit their website at http://www.meetmyagent.co.uk.
MeetMyAgent.co.uk is a London-based company specialising in independent estate agent reviews and ratings to help homeowners find the best estate agents for property sales or lettings. MeetMyAgent.co.uk’s website is simple and easy to use; a user simply types in their area or postcode and then can read independent, objective reviews and ratings from previous clients who have used estate agents in their area.
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