Price Jump as Agents Scramble for Stock - Rightmove House Price Index February 2010

LONDON, February 15 - The Rightmove House Price Index for February 2010 reveals that average
asking prices increased by over GBP7,000 in the past month to GBP229,398.
This is the largest monthly increase since April 2007 and represents a
year-on-year increase of 6.1%

Sellers appear to be hoping for a prosperous new year, and are asking an
average of 3.2% more than last month. This average rise of over GBP7,000 is
surprising given the difficult UK and global economic picture. However
property in popular locations (such as Property for sale in London -
www.rightmove.co.uk/property-for-sale/London.html ) remains in short
supply, supporting upwards price pressure, as seen in London where the
average asking price this month is the highest we have ever recorded.

Miles Shipside, commercial director of Rightmove comments: "A price jump
of over 3% is more comparable to the pre-credit-crunch boom-times. Sellers
are setting their sights higher, and some agents are going along with them in
order to win scarce instructions. Property for sale (
www.rightmove.co.uk/property-for-sale.html) remains scarce in popular
areas, but new supply to the market has to be priced at what buyers are
willing and able to pay. An average increase of over GBP7,000 may prove to be
a bit too spicy for some buyers' tastes, now that economic constraints have
forced them to develop a simpler palate."

Rightmove site traffic is a good barometer of prospective
buyer intent, with January proving to be a record month. Pages viewed were up
29% on January 2009, at 710 million. January is the traditional time for
bargain hunters to start shopping around, though with house prices
(www.rightmove.co.uk/house-prices.html) recovering there will be fewer
bargains to be had this year, and agents and sellers may have to work harder
to put a deal together. Shipside observes: "The record site activity ties in
with the findings of the Q1 Rightmove Consumer Confidence Survey, where 62%
of the 32,000 surveyed stated they believe it is a good time to buy. However,
many of those searching are likely to have a degree of nervousness about the
economic outlook, with only 11.1% of those surveyed believing that the
country's current economic conditions are favourable. With finance still
tight, properties will have to be beautifully presented and keenly priced in
order to convert this high level of buyer interest into firmer commitment."

Tom McGuigan - Rightmove Press Office, press@rightmove.co.uk,
+44(0)207-087-0700

Tom McGuigan - Rightmove Press Office, press at rightmove.co.uk, +44(0)207-087-0700