UK House Prices Rebound In October, Rightmove Says

UK House Prices Rebound In October, Rightmove Says


House prices in the United Kingdom increased in October, reversing much of the losses recorded in the summer, the latest survey by Rightmove showed Monday.
The average asking prices of a property in the U.K. rose 3.5 percent month-on-month in October to 243,168 pounds. This was the biggest increase for eight months and followed 0.6 percent drop in September.
"This goes a long way towards reversing the Olympic-induced price lull over the summer," which saw asking prices of property coming to market fall by 4.6 percent over the three months between June and September, the survey report pointed out.
Year-on-year, prices gained 1.5 percent, faster than a 0.7 percent increase in the previous month. All regions showed increases, with above average rises in London. Prices in London rose 4.8 percent month-on-month and was up 6.2 percent on an annual basis.
The research by Rightmove also found that only 38 percent of buyers would actually make the effort to view a property they consider to be 'over-priced'.
"The prospect of a few active selling weeks before the winter slowdown means estate agents are keen to attract fresh stock to try and land more buyers," said Miles Shipside, director and housing market analyst at Rightmove.
"However, this stock-building could backfire if they agree to over-ambitious pricing to please a seller, as it could curb a potential buyer's enthusiasm to arrange a viewing if the over-priced alarm bell starts ringing," Shipside said.
A survey by Lloyds Banking Group's Halifax division showed this month that house prices in the U.K. declined for a third consecutive month in September. Halifax expects prices to remain broadly stable over the rest of the year and into 2013.