October brings jump in asking prices

There has been a rise of 1.8% in average asking prices among sellers during October, according to the latest figures to be released by Rightmove, with record house prices across the country.

The October house price index from Rightmove reveals this 1.8% increase, which takes average asking prices to £344,445. It marks the sharpest month-on-month rise in asking prices for the autumn period that the housing market has experienced in six years. The index also shows a range of record highs for this market, including average prices for every region of the UK, prices for first-time homebuyers and high-end properties.

According to Rightmove, the high levels of market activity during October are due to people taking advantage of a brief window before the rise in interest rates that is anticipated by the end of 2021. The company is arguing that this offset any slowdown that the end of the holiday on stamp duty might have caused.

The index also shows that the very high level of demand among buyers is continuing to ensure that the supply of housing stock remains low. It reveals that while the number of new homes on the market to buy is higher now than it was during the summer, it is still not meeting demand.

Tim Bannister from Rightmove said that it was buyers who were able to seal deals rapidly for the homes they want that had been in the driving seat this year.

Advisors with the CeMAP qualification will likely be pleased to see demand among buyers remain high.


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