No ‘autumn bounce’, but serious sellers remain undeterred
- Credit: Picture: DANNY LOO
UK house prices have experienced their lowest October increase in more than a decade.
According to Rightmove's latest House Price Index, the monthly rise of 0.6 per cent (£1,942) this October is the lowest since the same time 11 years ago, during the 2008 financial crisis. In the East of England - which includes Herts - there was a monthly increase of 0.1 per cent and an annual shift of -0.7 per cent.
An 'autumn bounce' typically occurs at this time of year, with an average rise of 1.6 per cent recorded over the last decade.
Rightmove also reported a reduction in sellers coming to market UK-wide - down 13.5 per cent year-on-year to an average of 24,539 per week, the lowest October offering since 2009.
Brexit uncertainty and sluggish property prices are being blamed for putting off "speculative sellers", but serious buyers and sellers appear as focused as ever, with the number of sales agreed down by just 0.5 per cent on 2018.
Sales are also more likely to reach completion in the current market, with the percentage of agreed sales that have fallen through during 2019 being the lowest since 2015 - good news for serious sellers, according to Rightmove director Miles Shipside.
"In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same," he said. "Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it's actually a good time to sell."