Rightmove has reported a rise in asking prices in October of 3.1%, despite near-record stock levels and deteriorating mortgage availability.
The average rise measured in October for the last 10 years is 2.0%. This year’s hike of 3.1% is the highest October rise since 2003 (3.3%).
The firm notes that bullish pricing is a “normal”” reaction to the start of the autumn selling season after the summer holiday period. New sellers and their estate agents have an inbuilt instinct to increase prices every October – which has happened every year since the inception of Rightmove’s House Price Index in 2001. This is the fourth October since the start of the credit crunch and their behaviour has still not changed