House Prices in South West Continue to Rise Despite Depressed Market

House prices in the South West rose by 0.6% in May 2011, compared to April 2011.  According to property portal website Rightmove, the average asking price in May was £262,243 compared to April’s £260,593.  This is despite the gloomy picture many experts are painting of the market.

Seller’s are now waiting for around 90 days to obtain a sale says the Rightmove report.

“Seller’s need to be aware of just how difficult the housing market is” says Mark Green from imove Cornwall.  “The South West has been hit hard with the average earnings to property price gap increasing, making it unaffordable for many local people to buy a property”.

imove Cornwall is calling on the Government to step-in and help local people.

“We believe that in some Cornish towns, property prices are still relatively too high.  Something needs to be done to ensure that local people can afford to purchase homes in their local area”

Graph from Rightmove, showing the average time a property is on the market