Asking prices up 3% in October, say Rightmove
Property website, Rightmove, has today reported a rise in asking prices in October – after three months of falls.
According to Rightmove, asking prices for residential property in England and Wales rose 3% and the group attributed the rise to vendors refusing to adjust to new market conditions.
Rightmove warned sellers that increasing their asking prices is not the way forward in the current market of a high level instructions on the market but a shortage of buyers.
Miles Shipside, Rightmove’s commercial director, comments: “Given the challenges of the current market, the behaviour of sellers in raising their average asking prices by over £7,000 takes some explaining.”
Meanwhile, the latest rise takes the average price of a home listed on Rightmove to is £236,849, up from £229,767.
However, Rightmove echoes other reports which suggest housing market activity will slow due to uncertainty surrounding the economy, as the Government unveils its Comprehensive Spending Review later this week.
Meanwhile, Rightmove said estate agents now had an average of 78 properties on their books – with approximately 11% more properties going on the market each week compared with the same month a year ago.