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October asking prices reverse last month’s fall

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Average UK asking prices in October were up by 1.1% on the previous month, reversing the 1.2% monthly fall recorded in September.

The national average asking price in October was £313,435, up by 1.4% when compared to the same month in 2016.

Individual sectors of the market also performed positively. Asking prices for first-time buyers were up 0.7% on a monthly basis and 3.9% annually. They now stand at £196,328.

In the second steppers sector a monthly rise of 0.2% and an annual rise of 2.4% meant average asking prices were £266,871.

The top of the ladder sector saw average asking prices move up by 0.9% and 0.7% on a monthly and then annual basis. These rises put average asking prices for October at £554,246.

Miles Shipside, Rightmove director and housing market analyst, said: “With Christmas some 69 days away and the average time to find a buyer being 63 days, many of the 104,000 new sellers this month will be hoping to agree a sale before Christmas.

“It will be harder for this Autumn’s sellers to secure a sale because buyers have more choice with a 3.1% increase in new seller numbers compared to this time a year ago.”

Outside the Capital

At a regional level, North East average asking prices were up by 1.5% on the previous month and 5% on the previous year. In the North West the monthly and annual increases were 0.3% and 3%. In the West Midlands, average asking prices were up by 1.2% on the previous month and 5.5% on the previous year.

In Wales, the monthly increase was 1.2% and the annual rise was 3.2%. In the South West there was a monthly uptick of 0.8% while it was 3.6% on an annual basis. The South West was up, 0.3% on the month and 1.2% on the year. The East of England also recorded positive rises on both a monthly and annual basis of 0.7% and 2.9%.

While average asking prices in Greater London were up by 3.1% on the previous month, they were down by 2.5% on the same month last year.

In the East Midlands average asking prices dipped by 0.3% on the previous month but were still up on last year by 4.7%. This trend was echoed in the North East where average asking prices fell back by 0.6% but were still 2% ahead of last year.

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