Asking prices up for fourth month

Asking prices for properties in England and Wales have risen for the fourth month in a row to a six-year high, according to property website Rightmove. The average price has increased by 2.4 per cent, or £5,000, which Rightmove has put down to sellers pricing their homes at a higher level to try to recoup lost equity, and also a halving in the number of new sellers. However, more than 59,000 sellers had slashed their asking price by more than 2 per cent in the past four weeks with the average homeowner reducing prices by 6.8 per cent.