Prospective Property Buyers; Act now to move before Christmas

Rightmove House Price Index Key points

New sellers’ average asking prices up by 0.7% on the month, but 3.0% down over the summer period

Two deadlines should focus the minds of frustrated sellers:
- Christmas is 98 days away but average time on the market is 94 days, so buyers and sellers need to get serious now if they are to tie up a deal before the festive season;

- first-time buyer stamp duty relief is due to finish on 25th March 2012.

Market recovery appears as far away as ever three years after the collapse of Lehman Brothers, as key metrics are little changed:

- new sellers again at 23,000 per week as lack of confidence and inability to move remains;

- prices up by 2.5% in three years, compared with 16.4% in the previous three year period;

- unsold stock per estate agency branch still stuck in the high 70s.

While new planning proposals may boost housing market activity in the longer term, initiatives supporting mortgage lending such as FirstBuy are the more immediate requirement.

Rightmove