The average selling price for a house now stands at £231,543 with quite a large fall of -2.2% is asking prices since Julys HPI figures. Also Rightmove believe any impact from the recent financial jitters to be very limited as they see the market “bumping along the bottom” already.
However Rightmove believe any impact to be very limited as they see the market “bumping along the bottom” already, with supply of new sellers staying a low levels and the Bank of Englands base rate widely expected to not change until 2013!
Average House Price
The average selling price for a house now stands at £231,543 with quite a large fall of -2.2% is asking prices since Julys HPI figures.
The annual change since August 2010 are again down by -0.3%, suprisingly for the first time since September 2009.
Over the 4 years since the very start of the financial crisis, asking prices have falled by a total of -4.1%, or £9,930 on average.
Miles Shipside, director of Rightmove comments:
“While the world’s financial jitters are now playing havoc with stock markets and our future pensions, there are bound to be concerns about the impact on assets held as bricks and mortar…..
…..in spite of the continuing global economic unrest, the UK housing market has several unique factors that should help to insulate it from downside risks
The Regional Picture
Regionally things are not always the same. Indeed Rightmove have actually seen increases in asking prices in Yorkshire & Humberside and Wales, 0.1% and 0.8% respectively.
In contract the actual averaeg house price sales, which have seen London as a region bucking the trend, Rightmove saw the largest fall in asking prices in London, with -3.4%