According to Rightmove, the average asking price for a home in the UK increased from £239,521 to £242,500 in May, a rise of 1.2%.

The May increase should not solely be taken at face value as prices vary throughout the country. Rightmove has indicated that it believes the rise in prices is due to new sellers in the South of England having unrealistic price expectations.

Miles Shipman, commercial director of Rightmove, told PIN: “May is the traditional time of year for larger family homes to come on the market. Due to a shortage of these kinds of homes, estate agents like to have them on their books and will often initially try for a higher price. Sellers, of these homes, are happy to do this because they often have plenty of equity in their homes and they are currently not in a position of financial distress.”

When PIN asked Shipman how long he thought this increase would last he said: “I expect it to carry on for a couple of months, until greater reality sets in. A small percentage of sellers may get a higher price but many will not and will have to lower their asking price.”

This is not representative of much of the UK, where property prices continue to fall, on a year by year basis. Shipman added “The north is generally more realistic than the south in the price that can be achieved.”