Sellers raise asking prices

Homeowners trying to decide whether to add a roof light and loft conversion or move to a larger property may be helped in their decision by the latest Rightmove House Price Index figures.

The statistics show the average asking price for a home in the UK rose for the fourth consecutive month between April and May.

An increase of 2.4 per cent means a typical British seller will now ask for £227,441 for their property, while in April the figure would have stood at £222,077.

Rightmove commercial director Miles Shipside explained the change is a result of a mixture of "ambition, optimism and necessity".

He said the firm believes the supply side of the market could hold things back and is set to be "compromised" for the next few years.

Mr Shipside predicted those looking to take advantage of the spring selling season to trade up could become victims of "equity immobility".

"The choice of when and how to move is now out of their hands," he explained.

It comes after the Council of Mortgage Lenders announced the number of home loans approved in March rose by 29 per cent, compared to Februarys figures.