The average seller in the UK property market is getting more confident, and is now asking for a higher price when putting their home on the market as a result, new data shows.
According to the latest report released by Rightmove this week, the average asking price across England and Wales in October stands at £313,435. This is 1.1 per cent, or more than £3,000, higher than recorded in September, indicating growing confidence.
The asking price across England and Wales is also up by 1.4 per cent when compared to October last year, and the monthly and annual growth are both very positive, coming after September experienced a 1.2 per cent fall in asking prices.
October is typically one of the busiest months of the year in terms of the number of homes sold, and this is reflected in the fact that there is a consistent trend of rising asking prices in this month. It's the 16th consecutive year in which Rightmove has recorded a climb in asking prices in October, but 2017 marks the highest monthly growth recorded since 2014.
However, while confidence is high in the market at the moment, Miles Shipside, Rightmove director and housing market analyst, pointed out that it could well be misplaced. Even though sellers feel like they can get a good price for their home, the number of agreed sales is falling.
This could be an indicator that there are fewer buyers around than there typically are at this time of the year, which could potentially mean that sellers are not able to command the prices they expect for their homes.
In the north of England, the data shows, the number of agreed sales has dropped three per cent since September, while in the south, there has been a fall in the same time of some 7.9 per cent.