Property sales stall during March

The UK property market is experiencing its slowest March in recorded history, Rightmove has claimed.

Prices have reached a virtual standstill, the firm has reported, with new sellers asking for just £216 more for their home than last month.

According to Rightmove, an increase in the number of new homes has been witnessed, with supply reaching its highest level in 18 months.

Miles Shipside, commercial director at Rightmove, said that like usual, the market had seen a winter price lull followed by a new year bounce.

However, he claimed that the market has "never previously fizzled out before spring" as it has this year.

"We still forecast some further rises in the first half of this year when buyers have picked over the newly marketed stock, though the small increase in March shows how much more unpredictable the market has become," Mr Shipside added.

Last week, Andy Pratt, chief operating officer at Alexander Hall, claimed that greater property market supply has led to the availability of cheaper mortgage rates.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-03-16 13:31:03 © Moneyextra.com