House prices bounce back from Olympic doldrums with a rise of 3.5 per cent

Julian Knight
Sunday 14 October 2012 22:01
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The asking price of an average UK home jumped 3.5 per cent in the past month, according to property website Rightmove.

The price of an average home advertised on the Rightmove site was £243,168, up from £234,858 in last month's survey.

This is the second-highest monthly rise in asking prices in a year.

Rightmove's director of housing, Miles Shipside, said the renewed vigour in the property market partly reflects a return to business as usual after the summer.

"This month's jump of more than £8,000 in asking prices is partly an anticipated bounce after the Olympic-induced activity doldrums although, with all regions seeing increases, it also provides evidence of some life in the market," said Mr Shipside.

"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."

However, Rightmove added that very few parts of the market were experiencing higher asking prices now than back in 2007 when the financial crisis started.

The most expensive 25 per cent of houses in London are around a sixth more costly than they were in 2007 while property in the South-East is only on average one per cent pricier.

Rightmove's figures follow hot on the heels of the Council of Mortgage Lenders saying that the number of new loans for house purchase granted rose by 12 per cent to 55,300 in August up 11 per cent year on year.

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