House price rise 'due to seasonality'

Posted: 19 Jan 2010 11:55:19 GMT

Recent statistics, which revealed that property asking prices increased by 1.2 per cent in the first week of January, are down to "seasonality", according to one housing expert.

Selwyn Lim, director of Mouseprice, says that there is typically an influx of people wanting to sell their homes at the start of the year, rather than during the Christmas and new year period, which could be responsible for the rise in asking prices.

The figures, from Rightmove, show that the average value of houses currently on the market is £222,261, over four per cent higher than at the start of 2009.

But Mr Lim advises that there could be a dip in prices once again, as the property market tends to be very "volatile" in January.

Furthermore, the Rightmove statistics also reveal that the nation's housing stock levels are at their lowest point this century.

Mr Lim responds to this by commenting that despite the fact that the Conservatives have pledged to eradicate home information packs, this will not influence many sellers as if they are keen to sell, they will do so regardless of the legislation that is in place.

© Houseladder Ltd