UK House Prices Rise In June, To See Modest Increase In 2011: Rightmove
Average asking prices for a property in the UK rose to the highest value ever recorded for the month of June, while advancing for a sixth consecutive month, property website Rightmove said Monday.
New sellers' average asking prices rose 0.6 percent month-on-month to GBP 240,394, the highest figure Rightmove has ever recorded in the month of June. This followed a 1.3 percent monthly gain in prices in May.
Rightmove said that the first half gains of 8.1 percent are expected to ebb away, with asking prices likely to fall by up to 7 percent in the second half of 2011, strengthening buyers' bargaining power.
Commenting on the data, Rightmove director Miles Shipside said "despite expected price falls, we now forecast price gains for 2011 as a whole, surpassing 2010's virtual standstill, as mortgage arrears and repossession levels fall and mortgage options improve."
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