Sellers bump prices up, particularly now in the South East and London.
Property asking prices have grown 2.6% over the last month, according to Rightmove’s latest index .
The average asking price in England and Wales now stands at £271,669, up from £264,875 in September. Over the last 12 months, asking prices have jumped 7.9%.
The South East has overtaken London as the region with the highest increases in property asking prices over the past 12 months.
The figures reveal that asking prices for properties in the South East have jumped 10% over the last year, compared to 9.6% in London.
Rightmove points out that there is usually a jump in sellers’ price expectations in October, though this is actually the lowest rise at this time of year for six years.
Regional breakdown
Here’s how the different regions have fared, ordered by annual asking price change.
|
Region |
Average asking price October 2014 |
Average asking price September 2014 |
Monthly change |
Average asking price October 2013 |
Annual change |
|
South East |
£355,874 |
£348,214 |
2.2% |
£323,546 |
10% |
|
London |
£596,692 |
£557,792 |
7% |
£544,232 |
9.6% |
|
South West |
£284,006 |
£276,628 |
2.7% |
£264,058 |
7.6% |
|
West Midlands |
£198,223 |
£194,077 |
2.1% |
£189,242 |
4.7% |
|
East Anglia |
£246,396 |
£249,860 |
-1.4% |
£236,321 |
4.3% |
|
East Midlands |
£178,302 |
£174,229 |
2.3% |
£171,913 |
3.7% |
|
Wales |
£171,476 |
£170,435 |
0.6% |
£165,708 |
3.5% |
|
Yorks & the Humber |
£160,034 |
£160,570 |
-0.3% |
£154,767 |
3.4% |
|
North |
£149,524 |
£150,744 |
-0.8% |
£145,094 |
3.1% |
|
North West |
£168,751 |
£167,010 |
1% |
£164,417 |
2.6% |
Is this price rise sustainable?
New seller numbers are up by an average of 10% year-on-year according to Rightmove’s figures, and this new supply may help to push asking prices down a little as buyers have more negotiating power.
What’s more, with an interest rate rise and election on the horizon, buyers are a little more cautious. This may be why the time taken to sell has grown from 65.8 days to 67.8 days, suggesting buyers are in less of a rush.
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