A rise in asking prices

Let’s dig into the latest House Price Index from Rightmove:

• 0.8%. That’s the increase in asking prices between February and March, which is slightly below the average for the time of year but surprising in the context of all the doom and gloom.
• Top-heavy. The rise is driven by larger, more expensive properties. Might sellers in this sector be unrushed and over-optimistic, and need to cut prices later to secure a sale?
• Robust. The number of sales agreed for first-time buyer properties are only 4% below the level in 2019 - the most recent “normal” year.

‍