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October ’10 House Price Index from Rightmove

Posted By Avalon Construction & Design on October 18th, 2010 in category.

See below part of the overvew for the latest House Prices from Rightmove.
The full Report and Prices Index can be checked  here:
http://www.rightmove.co.uk/news/files/2010/10/october-2010.pdf

Key Points

  • Market fundamentals remain poor as property per branch rises from 69 in October last year to 78 now and mortgage availability continues to deteriorate
  • However, 105,769 new October sellers asked £7,082 more for their homes than last month’s sellers
  • Why would new sellers test the market at asking prices 3.1% higher than a month ago?… – Bullish pricing is a normal characteristic of the autumn selling season with average asking prices increasing in every October for the past decade
    – Vendors struggle to react to the increasing stock as most are unwilling or unable to adjust to new market conditions
    – Post-HIP speculative sellers can now test the market at minimal cost
  • Disappointment is the likely outcome for many sellers as evidence shows high launch price damages chances of securing a later sale

Look forward to the next Right Move House Prices Report on November 16.

By Avalon Construction & Design: October 18th, 2010 in category.