Rightmove: October house asking prices up
New data from Rightmove shows that asking prices for homes in England and Wales were up 2.8 percent overall this month, for their biggest gain since February.
The data also revealed, however, that prices in the north were down 0.7 percent in October, but asking prices in the south, including greater London, added 4.7 percent.
Since 2007, Rightmove said, asking prices in the south have gone up by 5.4 percent, while prices in the north have dropped by 9.4 percent.
Rightmove, which defines the south as southwest and southwest England, East Anglia and London, while it considers the rest of England and Wales as the north, blamed the price declines in the north on higher unemployment and layoffs of public sector employees there, while wealthier buyers in the south have been able to come up with the higher deposits that earned them lower interest rates on their mortgages.
Asking prices are highest it London, at over £450,000, with prices there up 5.2 percent since last month and up 7.5 from October last year.
Average asking prices in the south overall were at £336,743, while the average in the north was at £164,347 for a national average asking price of £239,672.
In illustrating the disparities between prices in the north and the south, Rightmove director Miles Shipside said, “For the average asking price of a property in the south you could now buy two average properties in the north and still have enough change left to buy new carpets and curtains.”
Category: All Financial News, Property News
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