Confidence in the UK sees asking prices start to climb

 
Confidence in the UK sees asking prices start to climb

After a year in which the price of property rose quickly across England, sellers in certain parts of the country are growing in confidence, increasing their asking prices as they feel sure that they can get a good price for their home. 

According to the latest report released this week by Home.co.uk, the average cost of buying a house in London and the south-east in particular has risen sharply at the start of 2015 as confidence spreads among sellers. 

Last year, the average house price in London rose by nearly 12 per cent, and it is this reality that has led more and more people to set the price of their property higher when the time comes to sell this year. 

According to Home.co.uk, the last month has seen the average asking price rise in England by 0.8 per cent, with London and the south-east being the main drivers behind these increases as more and more sellers in these areas ask for more for their homes. 

Meanwhile, the East Midlands, north-west and north-east have seen their average asking prices fall as confidence in these areas continues to be lower than across the rest of the country. 

Confidence has also been driven by the fact that it now takes far less time to sell a property than it did just a year ago. The average time a property will spend on the housing market now amounts to just 125 days, which is almost three weeks less than at this time in 2014. 

However, while there is certainly a growing confidence among sellers at the moment in the south of the country, Home.co.uk was quick to caution those looking to sell their homes that there are still reasons to be cautious at the moment. 

Doug Shephard, the company's director, said: "There are clear signs that supply is beginning to outpace demand in London, as indicated by a rising median time on the market. Londoners may be attempting to cash in, but further supply will only serve to ensure a deeper correction in prices in the capital."