The average asking price for property has risen by 3.2 per cent as estate agents test the market, claim property experts.
According to property website Rightmove, competition between estate agents is expected to be fiercer than last year with only 132,000 properties on the market compared with 144,000 during this time in 2007.
The firm adds that prices have been virtually static for much of the past six months, and this is a trend expected to continue through 2008.
Miles Shipside, commercial director of Rightmove, said: “It’s not the start of another price boom, but the interest rate cuts have no doubt given some sellers headier hopes.”
He added that these are likely to prove to be unwarranted given the high level of existing property that is already on the market and the amount of time that it has been there.
A slower market was cited as one reason for this drop in new listings, but also the introduction in December of home information packs (Hips) which might have put some speculative sellers off say Rightmove.
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