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 (pictured), Rightmove director and housing market analyst comments: “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.”
He added: “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.
Jeremy Duncombe, director of Legal and General Mortgage Club used the research as another opportunity to highlight the need for government intervention in the market.
He said: “Although there are schemes in place like Help to Buy and Shared Ownership which are fundamental in helping people onto the property ladder, we need to see the Government resolve the issue of limited housing supply that continues to impact the market. Housing needs to be made available to all, regardless of tenure or region, and not just the fortunate few who can rely on the help of the Bank of Mum and Dad.”
