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According to the Rightmove their House Price Index for April rose by 1.7%, with the average asking price now Â£235,822, while the number of unsold properties estate agents have on their books rose at their fastest level since May 2007.
Miles Shipside, director of Rightmove, said that many may want to rethink their decision to increase the asking price, as a number of factors are going to work against those looking to buy.
Rightmove stated that the seller optimism is misplaced, as the mismatch between supply and demand stems from the fact that there is a surplus of properties but no notable increase in buyers.
Shipside also added â€œWhile stock levels normally increase during the first half of the year, this is a larger increase than normal. With government cuts starting to bite and interest rate rises still expected in the second half of the year, those who are serious about selling should look to price more keenlyâ€.
Nationwideâ€™s seasonally-adjusted figures revealed that UK house prices increased by 0.5 per cent in March. The discrepancy probably accounts for what Rightmove describes as â€œthe biggest jump in unsold stock on agentsâ€™ books that we have recorded in nearly four yearsâ€.