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Rightmove: House prices up 2.7% in October

Monday, 15 October 2007 12:00 AM

The average asking price for property in England and Wales increased by 2.7 per cent during October, according to research released today by online property portal Rightmove.co.uk.

The increase reverses the fall of 2.6 per cent recorded by the organisation in September, and represents a £6,466 increase in average asking prices.

The average asking price for a property in the UK now stands at £241,642.

"This month's figure includes a surge of three bedroom properties coming onto the market to beat the Hips deadline of September 10th," commented Rightmove.

"At the same time we have seen the partial return of four-bedroom plus properties following the slump after the Hip requirement was introduced for these properties on 1st August."

In the week around the September 10th deadline for the introduction of Hips for three-bedroom properties, Rightmove recorded a 65 per cent increase in the number of three-bedroom properties coming onto the market, with some 24,570 listed.

Annual average asking prices were up by 10.4 per cent during October, increasing from 9.6 per cent in September.

However, there are signs of a longer term slowdown.

The three-month average of price rises fell to a virtual standstill - just 0.5 per cent. This compares to 1.5 per cent in the previous three month period.

Worryingly the average time spent on the market before sale was also static.

While the average time on the market would be expected to decrease during October, as people seek to move before Christmas, it has in fact remained stable at 85 days - the highest ever recorded for the month by Rightmove.

Similarly the average number of properties offered for sale by each estate agent increased from 66 to 67, again at a time of the year when they would be expected to decrease.

"Surges of properties coming onto the market increase both competition among sellers, and increase buyers' bargaining power," said Miles Shipside, commercial director of Rightmove.

"Buyers are not soaking up this extra supply at the moment, and sellers who need a quick sale will have to respond by pricing competitively.

"The next few months should be a good time to pick up a deal as some sellers become more desperate to find a buyer."

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