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London agents alone in price reductions, reveals Rightmove

Asking prices in Greater London fell 3.2% to £387,161 in April, reveals Rightmove’s latest House Price Index.

It was the only fall across the UK, according to the portal's March HPI published today.

Conversely, prices in the rest of England and Wales rose, with the highest monthly change experienced in East Anglia, up 5.1% to £211,038, closely followed by Wales, up 4.8% to £161,844.

In contrast, prices increased the least in the North, by just 1% to an average price of £143,745,

The most significant annual price change was in the East Midlands, where prices have fallen 11.7% since April 2008, compared with the 4.1% annual decline in Greater London.

Overall, the average asking price in England and Wales was £222,077, up 1.8% on March (£218,081) but 7.3% down on April 2008. The average increase is £3,996 - the largest rise for 14 months.

Rightmove has also recorded 22,260 new sellers a week, up 13% compared with March, though still down 19% on April last year.

In addition, average stock per agent has increased slightly from 71 in March to 72 in April, while a property's average time on the market has fallen from 81 to 77 days.

Miles Shipside (pictured), commercial director of Rightmove, says: "Many sellers are still starting too high, but the fact that they are coming to market in greater numbers and feel they can ask more shows a strengthening in resolve and confidence, which is an encouraging sign.

"It looks like we are now bumping along the bottom of the trough, but for there to be any real sense of optimism that we're on a sustainable road to recovery, the availability of mortgage finance needs to improve significantly."

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