House prices rise slightly as less properties are marketed

Asking prices rose by 0.6% according to RightMove’s September house price index, as less houses are being marketed.

House sellers raised their asking prices by an average of 0.6% according to Rightmove, however the number of properties being marketed has fallen.

The number of houses on the market has fallen to its lowest level for 18 months.  For every 10 properties coming off the market, only eight new houses are being put on.

Lack of housing stock is pushing up asking prices slightly and making houses easier to sell as demand starts to overcome supply.

This situation is more apparent in the South as house prices slowly recover.  Houses in the South East are around 0.4% more expensive than they were a year ago.

In East Anglia, prices are 1.5% up on last year.  In the North, however, many regions are still experiencing negative growth.

The inability of many people to secure mortgages at reasonable rates and loan to values is still constraining the property market, as we have reported in many news items recently.