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House prices down 0.2% in October

  • 28/11/2013
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House prices down 0.2% in October
House buying and selling activity in London powers on despite a 0.2% drop in house prices across England and Wales in October.

In the capital, the average property price rose 8.7% over the last 12 months taking the average UK property price to £165,515.

Wales experienced the greatest monthly rise of 2.4%.

The most up-to-date figures show that during July 2013, the number of completed house sales in England and Wales increased by 17% to 69,140 against 59,141 in July 2012.

The number of properties repossessed fell by 29% in August to 1,200.

Nicholas Ayre, managing director of homebuying agency Home Fusion, said: “We are continuing to see a huge rise in London, showing that London is on a trajectory of its own. With limited supply, huge numbers of houses and flats need to be built to satisfy an intense desire for home ownership.”

Jonathan Harris, director of Mayfair-based mortgage broker Anderson Harris, said: “The downside is that this surge in demand is pushing up prices, particularly in London, where supply is already limited. Gazumping is rife and sealed bids commonplace, as relatively ordinary properties fetch a premium. Buyers are worried that if they don’t act now, they will be priced out further.

“Lenders are keen to do more lending in the run up to the end of the year to meet targets and into next Spring. There are already some cracking mortgage deals available, and are likely to be plenty more in the pipeline.”

Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), said: “The Bank of England’s decision to withdraw the Funding for Lending Scheme (FLS) from the mortgage market from January will clearly impact mortgage rates, but it should also ensure a measure of calm going into 2014.”

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