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House prices jump for October

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Latest figures published today by property website Rightmove has revealed that the average asking price of a property has increased by 3.5%

The new figures show that the housing market is performing well given the current situation the UK are in with higher bills and pay freezes. The jump in prices is the biggest increase for 8 months after the break over the months of June to September. At this time property prices fell by 4.6%.

The average asking price now stands at £243,168 compared to September which saw house prices at £234,858. Reasoning behind the increase is due to the lack of properties that are for sale at this time of year resulting in potential buyers having less choice.

London is the strongest performing city with the biggest increase in asking prices taking an average price of a property to £478,071. The South East and West Midlands saw a 3.9% increase along with the North West which rose to 3.4%. The area which saw the smallest increase of just 0.4% was East Anglia.

Figures also highlighted that prices were 1.5% higher than a year ago which will reverse an £11,000 drop seen over the past four months.  

Miles Shipside, Director and Housing Market Analyst at Rightmove commented: “After a summer of sporting distractions, optimists may consider lower unsold stock levels and strong pricing to be signs of recovery.

“However, sellers still need to be mindful that the window of opportunity to sell before the traditional winter slowdown is a narrow one, and they risk being left out in the cold for months until the spring market thaw.

“In addition, estate agents are reporting that mortgages are still no easier to obtain, with risk-averse lenders nit-picking every detail of the mortgage application paperwork, even from buyers who seem squeaky clean.”

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By Amanda Bainbridge