Property asking prices soar

Asking prices jumped by more than 3% in February as new sellers took advantage of the low supply of properties for sale. According to the latest research from Rightmove, the average asking price now stands at £229,398, more than £7,000 higher than in January and the largest month on month rise seen since April 2007. Prices in the capital reached a new record high of £427,987. However, the supply of new sellers continued its recent upward trend, with the number of properties coming to market up almost 20% on a year earlier. Meanwhile, interest from prospective buyers hit a new high over the month, with the number of enquiries on the website 29% up on the same period in 2009.