A Gradual Rise in Property Asking Prices?

Different reports had showed signs of gradual recovery in the property market: from contradiction of house prices reported from major banks (Halifax and Nationwide) in early March 2009 and rise in mortgage approvals to an increase in buyers' interests and inquiries on property market and stronger sterling against euro and dollar. Now, another sign of recovery arises - the latest house price index reported an increase in average property asking prices from £218,081 in March to £222,077 in April.

The increase in property asking price in April resulted as the biggest rise in 14 months and the smallest annual drop since January 2009 with -7.3% annual change in April 2009 compare to -9.0% in March 2009, as reported by Rightmove.

It seems like our property market was starting to move forward after revealing an increasing trend in loans for home purchases and mortgage approvals in the past few months. With the additional information provided, many commentators have then further suggested a sign of recovery in the UK market.

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