Asking prices down 9 percent yearonyear
16 March 2009
LONDON (Reuters) - Asking prices for houses in England and Wales were 9.0 percent lower than a year ago this month, slightly less than February's record 9.1 percent annual drop, property website Rightmove said on Monday. Average asking prices rose by 0.9 percent in March, less than the usual increase for the time of year, and new listings were 57 percent lower than last year at 79,000, Rightmove said.
'Traditional spring impetus (is) limited as ... lending remains restricted as banks are only now facing up to declaration of toxic debt,' the survey said.
'Rightmove advised sellers in March last year to 'get smart' and price sensibly rather than chase prices down in a deteriorating market. Those that acted smartly may well have sold at half the discount that those who over-priced are now facing,' said the website's commercial director, Miles Shipside.
The average property asking price in March was 218,081 pounds, compared with 216,163 in February.
February data from mortgage lenders Halifax and Nationwide showed that house prices have around fallen 20 percent from their peak in late 2007.
Asking prices for London property appear to be holding up better than elsewhere in England, with prices just 1.8 percent lower than a year ago and 2.9 percent up from February's level at 399,867 pounds.
But according to other surveys, London selling prices have fallen in line with those in the rest of the country.
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