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The number of properties for sale has gone up by 8.1% (outside London) but overall supply is still down 30% when compared to April 2007.
The South West (where supply is down 5.5% year-on-year) is seeing average asking prices of £270,735. This contrasts with the South East and East Anglia where asking prices are only £810 and £2,489 off their previous peaks.
In London the average asking prices (at almost £500k) are currently at a historical high. This is largely due to sellers in the Capital who tend to drag when bringing their property to the market.
These positive results mask the drop in asking prices in parts of Wales, the North West and Yorkshire and Humberside over the last year – with decreases of 1.5%, 1.2% and 0.2% respectively.
Miles Shipside, Commercial Director of Rightmove explains: “If only taken at face value, national averages can mask varying degrees of volatility at a regional level. The richest seams of housing market activity are concentrated around those with access to cash and finance – with a strong bias to the South and London in particular.”