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UK House Prices Rise In January, Increase In New Sellers Lift Market Confidence

UK House Prices Rise In January, Increase In New Sellers Lift Market Confidence
1/21/2013 12:33 AM ET

British house prices increased marginally in January, recovering from sharp declines in the past two months as new sellers coming to market adopted a pragmatic pricing approach, a survey by Rightmove revealed Monday.

Moreover, the jump in the number of sellers coming to the market underpin market confidence and lifted Rightmove traffic.

House prices rose 0.2 percent month-on-month in January, following 3.3 percent fall in December and 2.6 percent drop in November. The average asking prices for a property in the UK totaled GBP 229,429.

Annually, prices surged by 2.4 percent. Rightmove said early indicators suggest a modest rise in both prices and transaction numbers in 2013.

"There is an increasing body of evidence suggesting genuine 'green shoots' of recovery after a prolonged period of the housing market bumping along the bottom," said Miles Shipside, director and housing market analyst at Rightmove.

The survey report said that the jump in the number of sellers coming to the market this month is a clear indication of improving confidence.

The weekly run-rate of new property listings is 11,153 this month, up 22 percent year-on-year. This is the highest level recorded at the beginning of a new year since 2008, according to Rightmove.

House prices in London surged 3.6 percent from a month earlier to GBP 480,890. Annually, prices in the capital city climbed 9.7 percent.

The Royal Institution of Chartered Surveyors said last week that house prices in the UK improved to its highest level in two and a half years in December due to rising optimism stemming from Funding for Lending Scheme.

by RTT Staff Writer

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