Property asking prices rise during September
By |Published On: 12th October 2016|

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Property asking prices rise during September

By |Published On: 12th October 2016|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Property prices in the UK rose by 0.7% during September, with the East of England showing the most prominent rises.

However, a report from Home.co.uk suggests that many sellers are being too optimistic on their pricing.

Rises

Month-on-month, property asking prices rose by 0.7% in England, by 0.3% in Scotland and by 0.2% in Wales. Yearly, prices are up by 4.4%, 5.3% and 1.3% than at the same period in 2015.

In addition, supply has found to have risen by 11% year-on-year across Britain. This was particularly driven by the South and East of the England. In London, supply rose by 19%, in the South East by 23% and the East by 30%.

The largest month-on-month rise in asking price was found in the East of England, with 1.1%. This took the average asking price in the region to £342,915, some 11.5% greater than one year previously.

Next came the South East and the East Midlands, with rises of 1% recorded. This pushed the average asking price of property in these regions to £394,837 and £211,328 respectively. Annually, there were increases of 4.2% and 5.5%.

Property asking prices rise during September

Property asking prices rise during September

Muted

More muted growth was evident in the West Midlands, with asking prices up by 0.5% month-on-month and 6.5% year-on-year. The North West saw rises of 0.1% and 4.2%, Yorkshire and the Humber 0.2% and 3% and the North East 0.2% and 1.1%. Asking prices in these regions are now £225,664, £181,459 and £157,577 respectively.

The report also indicates that a sign of fragility within the market is evident with a growing number of sellers cutting asking prices. This is currently at a three-year high in Britain, with Home.co.uk expecting more to follow.

Doug Shepherd, director of Home.co.uk, noted: ‘Supply is increasingly rapidly in the East, South East and London. What’s more, the pricing of these new instructions is looking rather optimistic.’[1]

[1] http://www.propertywire.com/news/europe/asking-prices-across-uk-sellers-optimistic-index-suggests/

 

 

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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