Rightmove: October jump saves London from a year-on-year fall

AN eleventh-hour price jump in the London housing market saved it from a year-on-year fall, according to the latest Rightmove House Price Index.

Asking prices spiked five per cent in October compared to the previous month – from £399,019 to £418,778 – as sellers aim to capitalise on the traditionally lively run-in to Christmas. This was down from a 6.5 increase last October.

The average London asking price increased by 0.6 per cent year-on-year, from £416,157.

Every borough in London saw a month-on-month jump in asking prices, buoyed by the scrapping of Home Information Packs in May.

However, the Comprehensive Spending Review to be announced on Wednesday is likely to have a negative effect on housing market sentiment.

On a nationwide basis, the average asking priced increased 3.1 per cent to £236,849.

The general market remained poor, with the number of properties per branch rising from 69 in October last year to 78 now, and mortgage availability continuing to deteriorate.

Nevertheless, 105,769 new October sellers asked a seemingly illogical £7,082 more for their homes than last month’s sellers.