Houses back on the up

15 September 2014

london houses The house market has picked up, which is mildly good news for people who can afford a house.

Seller's asking prices jumped by 9% month-on-month in September to reach £264,875 on average across England and Wales, Rightmove said.

Asking prices have recorded a typical monthly fall of 0.5% in September over the last 10 years, as the market usually takes a little time to gear up again after the summer holidays.

Miles Shipside, director of Rightmove, said: "We usually see a price fall at this time of year as potential home movers are generally still in holiday mode.

However, it looks like there are early signs of a bounce-back in demand after the summer lull, leaving those estate agents with a shortage of stock at a potential disadvantage and therefore eager to attract new instructions.'

The area with the biggest month-on-month jump was East Anglia, with a 3.7 per cent rise pushing the average price to £249,860.

The sharpest month-on-month fall was recorded in the West Midlands, where prices decreased by 1.8 per cent to reach £194,077. Londoners saw price inch up by 0.9% over the month to £557, 792 on average, and asking prices are 13% higher than they were a year ago.

It is the first time since 2011 that prices have increased at this time of year.

TOPICS:   Real Estate

3 comments

  • bob
    How is it that asking prices rising is "mildly good news for people who can afford a house"? It would mean that they would have to spend more of their money on a house they were looking to buy. On what planet is that good news? If you haven't got a house and want one, lower prices are better If you have got a house and want to get a larger one or a better one then, lower prices are better. (if house prices go up by 10% then your £200K house is "worth" £20K more but the £00K house you want to move up to is now £30K more, so house prices rising means you have to find another £10K) If you have a house and aren't moving then prices going up is totally irrelevant as you can't spend money that is tied up in your house. The only case where higher prices are better is if you have a big house and want to downsize to something smaller and pocket the difference. So basically boomers.
  • Jack S.
    Can't argue with Bob there. And wheres Lucy these days?
  • Milky P.
    100% agree with bob here too. Its just the usual ramping by the media and the masses still believe it. I'm looking at buying a house, I've got a decent deposit saved but I don't fancy the £900+/month mortgage for a poky house on a rough estate (I'm in the south east, very overpriced). I've had friends tell me I'm missing out when they bought a few years ago, one is now stuck with a 2 bedroom flat on a 30 year mortgage - he's got his third child on the way and is currently moving to rented accommodation (part funded by his father in law) and is worried what the future holds, he can't afford to move up the 'ladder'. Another friend who has a 2 bedroom terraced is expecting a baby, looked at buying a 3 bed and realised its totally unaffordable. We used to often argue whether price rises were good, he is now totally anti HPI. More and more people are realising...

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