UK asking prices slow but still hit all-time high

UK asking prices slow but still hit all-time high

British property sellers are now officially more confident about the price of their home than ever before, as the average asking price nationwide officially hits a new all-time high. This comes in spite of there being a slight slowdown in the pace at which house prices are climbing. 

According to the latest report released by Rightmove, the record high asking price now sits at £296,549 across the nation on average. 

However, even though this is a higher average than has ever been in evidence before, Rightmove said that it came at a time when the asking price is starting to slow a little. The monthly increase across the UK now sits at 0.6 per cent. 

This is relatively modest, especially considering that this is the busiest time of the whole year for people to buy homes. In fact, Rightmove said that at the moment, the pace of asking price rises is at the slowest level it has been in five years, since mid 2010.

Year on year, the company said prices are still being driven higher by the continued level of demand inherent in the market place. Overall, asking prices are 5.6 per cent higher than they were at this point last year, while first-time buyer homes also sit at a level that is 9.6 per cent above what was recorded last year, indicating how well that specific area of the market is currently performing. 

Rightmove even said the price of houses in this competitive first time market have helped push the sector into new record highs. 

"There are signs of a slowing pace of price rises in some sectors of the market, with the overall October rise the lowest we’ve recorded at this time of year for five years. We still have another national average record however, as prices continue their upward trend," said Miles Shipside, Rightmove director and housing market analyst.

"This is mainly being fuelled by the heady price rises of typical first time buyer homes. A near ten per cent price surge in this category in the last year proves that despite tighter lending criteria in last year’s Mortgage Market Review, some first time buyers can still afford the higher prices being asked for by sellers in this sector," he continued.