UK House Prices Are On The Rise

Asking prices for homes in England and Wales rose on an annual basis for the first in more than a year in October, property Web site Rightmove said on Monday, buoyed by a dearth of properties coming onto the market.

October saw the first annual based rise in house prices in England and Wales for more than a year stated property based website Rightmove, this is a result of new properties coming on to the market.

Asking prices went up 0.2% on the year, the first annual rise witnessed since June 2008. The average house price is now £230,184.

On a monthly basis the asking price average rose by 2.8%, the largest increase since February 2008 and the biggest for October in 6 years.

Other new surveys have also indicated that housing prices are on the rise each month but the trend can be put down to a lack of supply as homeowners prefer to sit out the recession rather than accept a lower price for their property.

“Current price recovery is based on an unusually thin market with transaction levels still 54 percent down on 2007,” Rightmove said. “Ongoing lack of supply is driven by home owners deciding not to move given the current economic backdrop.”

London led October gains with prices up 5.2% on the year and 6% on the month. The average asking price for a house in London is now at a record high of £416,157.

The lack of new property coming on to the market is is the driving factor behind this record high.

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