Rightmove today released figures which show asking prices have risen a staggering 12.1% in April. This rise has not been shown as dramatically across the rest of Wales with Bridgend showing a 2% rise, and other parts of Wales dropping by 5%. Whilst these figures are interest it is important to remember that Rightmove data only shows asking prices for property, and does not always represent the actual sale price. Whilst Rightmove data typically indicates market interest and confidence, it is not indicative of sales volume or sale prices.
An explanation for this surge in asking prices has been attributed to 'equity poor' homeowners who are having to price their properties higher, as they do not have enough equity left in their property to lower the asking price to reflect current market conditions.
CPS Homes have noticed confidence to the market place returning, with many more sales enquiries than a few months ago, although have not noticed an increase in asking prices. Even with some stabilisation of the market, this does not mean that house prices are starting to rise again, and even when house prices start to rise again, it is highly unlikely this will be as dramatic as 12% per month.
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