Lack of property boosts asking prices

The research revealed that asking prices rose 3.2% during February, with Rightmove saying a lack of supply was a major contributing factor. The lack of property pushed the average cost of a home up to £229,398, 6.1% higher than a year earlier, while asking prices in London were up 5% on the month and rose to a record high of £427,987. However, Rightmove warned the pace of the increase was unsustainable given the limited amount of home purchase finance available after the credit crunch. It said the economic fundamentals could not support further price increases on the scale of January'...