UK house prices jump £3,575 in October
The average price tag on a home jumped by more than £3,500 month-on-month in October, but the market is still price sensitive, with prices “virtually flat” compared with a year earlier, according to a property website. Across Britain, the typical asking price for a home coming on the market is 1.0% or £3,575 higher month-on-month, Rightmove said. This took the average asking price to £371,015, which is 0.1% lower than a year ago. In London, the average asking price jumped by 2.5% month-on-month to reach £673,942.
TL;DR
- Average asking price for homes in Britain rose by 1.0% (£3,575) month-on-month in October to £371,015.
- Year-on-year, the average asking price is down 0.1%.
- In London, average asking prices increased by 2.5% month-on-month to £673,942.
- Higher mortgage rates are impacting buyers' budgets, particularly in cheaper regions of Great Britain.
- The number of new potential buyers contacting agents is 9% lower than a year ago.
- New listings are up 3%, and the total number of homes for sale is at its highest level for this time of year since 2014.
- Competitive pricing from day one is critical for sellers to attract initial buyer interest.
- A Barclays survey indicates 24% of homeowners are open to downsizing, but costs like stamp duty and moving expenses are significant obstacles.