Asking Prices Rise 0.6 per cent on Month Amidst Dwindling Property Choice

The latest figures from the Rightmove House Price Index, released today,  show:

• Average asking prices rose by 0.6% to £223,996, up £1,234 from August’s £222,762, but still down 1.5% on the £227,438 recorded in September 2008.
• Lowest stock levels for 18 months with 10 properties coming off the market for every 8 being added.
• Average unsold stock per estate agency branch has dipped to 69, the lowest level since February 2008. With circa 20% fewer branches than in 2008, the fall in stock levels is made more pointed.
• Wales saw the largest decrease in asking prices with the average price dropping 6.8% from to £164,364 in September from £176,390 in August.
• Detached properties reported a year-over-year rise of 0.2%, compared to semi-detached down 1.4%, terraced down 1.8% and flats/apartments down 2.8%.

Moving is proving easiest for those with significant equity. While this is hampering those who bought with high LTV mortgages, and those who squandered years of equity on debt-fuelled consumption, those who have diligently been repaying their mortgage are finally benefitting from their lack of profligacy. A fact highlighted by the latest Rightmove Consumer Survey which reported 53% of those polled stating that they had over 50% equity in their existing homes.

Releases: Rightmove.co.uk

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