London Leads the Way in Sales Price Rise

A recent research has suggested that the sellers are negligent about the changes in the new market conditions and refuse to make adjustments. The houses in London are said to have seen the biggest rise, with an increase in the property asking prices by more than 3% in the month of October.

A property website, Rightmove has suggested a rise in sale price by an average person vending his home, by as much as 3.1%, or in other words over £7,000, to £236,849.

London has reportedly seen the largest rise, with an increase in sale price by 5%, during the four weeks to October 9. While this rise has been the same for all areas of the country, London is said to be leading the way.

East Midlands is said to have raised the price by 4.3% and conversely prices in North West and Wales are said to have fallen by 2.3%, and 0.6% respectively.

Following three consecutive months of falling prices, this increase in sale prices is said to have made its way in spite of a number of homes estate agents remaining closed.

“Given the challenges of the current market, the behavior of sellers in raising their average asking prices by over £7,000 takes some explaining”, said Miles Shipside, Director of Rightmove.