The Rightmove October House Price Index sees a large jump in asking prices up 3.5% against that seen in September 2012.
Key Figures & Facts
- Asking prices average up by £8,310 to take the average house price to £243,168
- Seen as the sellers seeking to reverse the summers numerous falls during and after the Olympics. These falls totalled -4.6%
- All regions have seen an increase: London (4.8%), South East and West Midlands (3.9%) and North West (3.8%)
- Change in asking prices over the past year amount to a rise of +1.5%
- Yet research shows few areas of the market can justify higher values in properties than the peaks in 3007/8
- The buyer appetite is very low to view a property that they believe is over-priced.
Miles Shipside, director and housing market analyst at Rightmove comments:
“This month’s jump of more than £8,000 in asking prices is partly an anticipated bounce after the Olympic-induced activity doldrums, though with all regions seeing increases it also provides evidence of some life in the market. The prospect of a few active selling
weeks before the winter slowdown means estate agents are keen to attract fresh stock to try and land more buyers. However, this stock-building could backfire if they agree to over-ambitious pricing to please a seller, as it could curb a potential buyer’s enthusiasm to arrange a viewing if the over-priced alarm bell starts ringing.”