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House prices up 0.9% in October: Rightmove

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The price of property coming to market has risen by 0.9 per cent so far in October to £309,122, according to the latest Rightmove property index.

The rise follows falls in property prices during July and August.

The six northern regions of the country saw an 11 per cent drop in the total number of houses up for sale.

The four southern regions saw a 16 per cent rise in available properties for sale.

Property values in September were down 4 per cent nationally compared to the same period in 2015 and rose 6 per cent on 2014’s period.

Rightmove director and housing market analyst Miles Shipside says: “After the referendum result and the usual summer slowdown, estate agents’ experiences appear to fall into one of two camps, with a definite north/south divide.

“Agents in the Northern half of the country reported a quiet week or two after the surprise result of the Brexit vote, but most then saw a quick return to good levels of buyer enquiries and subsequent sales.”

Legal & General Mortgage Club director Jeremy Duncombe says: “September has clearly marked a return to the usual month-on-month increases in property prices that we saw earlier in the year. An ongoing lack of supply and continuing demand for housing means it’s business-as-usual for the property market, as house prices climb even higher.

“Although some may welcome the price of their property increasing, this trend will only make the prospect of homeownership more unattainable for those who are yet to make their first step on the housing ladder. It’s time to make a break with the past when it comes to housing policy and embark on a housebuilding revolution to improve the opportunities for people in all housing sectors.”

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