Asking prices up by 2.8% in October

According to Right Move's latest House Price Index report (October 2009) the housing climate is warming up rapidly with the market beginning to turn in favour of the sellers:

  • Largest October rise for 6 years as balance of power continues swing towards  new  sellers, pushing average Autumn asking prices up by 2.8% (£6,188)
  • 95,000 fresh stock, down 36% on 2007, including 22,000 stamp duty exempt sellers looking to cash-in before buyer incentive ends in January
  • Prices now higher than a year ago with London at record high - majority of buyers expecting more rises and only 1 in 10 expecting falls

The report goes on to say that in London Scarce stock is driving the asking prices to a new record

  • Average asking prices in London jump by 6.5% to £416,157 beating the previous record high of £412,731 in November 2007
  • Estate agents compete for scarce new Autumn stock with only 17,000 fresh properties coming to market compared with 20,000 coming off.