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Asking prices stay flat in May

The UK residential property market continues to falter with recent statistics provided by RightMove showing that the average asking price for a property going on to the market in May 2012 rose by just £22, effectively a 0% increase.

Evidence from our own clients in the North West seems to reflect this trend and we continue to see properties being sold at prices no greater than the price at which they were bought some 5 or 6 years ago. The removal of the “First Time Buyer” Stamp Duty relief by the Government has clearly had an impact at the bottom end of the market and we continue to see clients, at all levels, struggling to obtain mortgage offers in what seems to be an ever-tightening mortgage market.

The most frustrating element of all of this is that there really does now seem to be the demand, especially for those new to the property market who have spent the last few years saving substantial deposits so that they can jump on the property ladder. If only mortgage lenders would loosen the reins slightly this would undoubtedly give the market the kick-start it desperately needs.