The Rightmove UK house price index for May 2009 has revealed that asking price rose 2.4%, the biggest increase since 2003, while the number of new properties coming to the market was lower than any May since 2003 at just 61,000.
This is the fourth consecutive monthly rise in asking prices the portal has revealed, and some are viewing it very positively. I however, am not.
The rising asking prices combined with the low in new properties coming to the market shows that vendor realism is still abysmal, and that people are still staying away from selling in a down market.
I will never view Rightmove's index showing a rise in asking prices, until the market has verifiably bottomed some time before.
The first time Rightmove's index shows a fall in asking prices, or at least asking prices levelling out, then I will think that vendor realism is obviously increasing and we will be getting closer to seeing the market bottom.
In the meantime, private sales sites still offer the chance to sell quickly without having to drop as far as the market demands, because they allow you to market to a wider audience, and you can levy the savings on estate agents fees against any reduction in price.
Zungalow.com is a private property sales site with a twist; the social media site of private property sales offers sellers the chance to market their property casually for just £29 per year.
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