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'8,000 rise' in home asking prices

15th October 2012 | back to article listings BACK    print this article PRINT

October saw a rise in asking prices for houses of more than 8,000 with the typical asking price going up by 3.5% on a monthly basis to 243,168.

The figures came in a survey by property search website Rightmove which said the 8,000-plus figure was the largest leap in eight months as prices went up everywhere in England and Wales.

The increases are most likely to have come about through less choice due to a lack of homes for sale. This explains the autumn rebound which indicated "evidence of some life in the market".

Prices are now 1.5% higher than a year ago, meaning there has been some reversal of the 11,000 fall from June to September. Then, distractions such as the Olympics saw a lull in the market.

London underwent the biggest monthly rise in asking prices as the average value rose to 478,071 thanks to a 4.8% increase.

Elsewhere, there was a 3.9% increase in both the South East and the West Midlands, a 3.8% rise in the North West, a 3.4% rise in Wales, and a 0.4% increase - the smallest - in East Anglia.

Copyright Press Association 2012

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