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House prices recover from post-Olympics lull

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October house prices rebounded by 3.5%, the biggest increase for eight months, reported Rightmove.

This has reversed the Olympic-induced price lull over the summer, which saw asking prices of property coming to market fall by 4.6%, or -£11,377 over the third quarter, it said.

Miles Shipside, director and housing market analyst at Rightmove said: “This month’s jump of more than £8,000 in asking prices is partly an anticipated bounce after the Olympic-induced flattened activity , though with all regions seeing increases it also provides evidence of some life in the market.

“The prospect of a few active selling weeks before the winter slowdown means estate agents are keen to attract fresh stock to try and land more buyers. However, this stock-building could backfire if they agree to over-ambitious pricing to please a seller, as it could curb a potential buyer’s enthusiasm to arrange a viewing if the over-priced alarm bell starts ringing.”

Rightmove said that estate agents are reporting that mortgages are still no easier to obtain with “risk-averse lenders nit-picking every detail of the mortgage application paperwork, even from buyers who seem squeaky clean,” added Shipside.

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