Rightmove: Asking prices up in October

”Rightmove:

Property website, Rightmove, has today reported a further rise in asking prices for the month of October.

According to Rightmove, asking prices for residential property in England and Wales surged 2.8% in October on a monthly basis and were 1.2% higher compared with this time last year.

This compares with a 0.7% monthly increase and a 1.5% annual rise last month.

The property website, which claims to advertise 90% of the properties on the market, said the latest asking price rise takes the average price of a home listed on Rightmove to £239,672.

In London, meanwhile, sellers raised their asking prices by the most in two years in October.

Rightmove said asking prices in the capital rose 5.2% on a monthly basis – the biggest gain since October 2009 – taking the average price to £450,210.

A report last week from Savills Plc found that the number of London houses and apartments that sold for more than £5 million in the nine months to the end of September increased 31% on the year, with overseas buyers making up 65% of the market for homes in that price category.

Meanwhile, commenting on the figures, Rightmove’s director Miles Shipside said: “Wider access to mortgages and rising asking prices are early signs of increasing demand.

“However, the reality is that there is further evidence of the two-tier twist which is dogging the return of more widespread liquidity in the housing market,” he added.

The housing market remains subdued and activity and mortgage approvals are well below the levels experienced prior to the financial crisis in 2007.

Last week, there was a slew of bad news with the Royal Institution of Chartered Surveyors (Rics) reporting that the UK housing market is suffering due to fears over the economy.

Also last week, the Council of Mortgage Lenders said mortgage activity is expected to remain weak due to uncertainty surrounding the UK and European economies.

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