The UK housing market appears to be recovering from the lull created in the summer by the Olympics.
- House prices rise by £8310 (3.5%)
- Average house price is now £243,168
- West Midlands and South East saw the greatest rises of 3.9%
Homeowners are on the receiving end of some good news this week, with data from Rightmove highlighting that UK house prices have seen a rise over the past month.
According to the property company’s survey, prices increased by 3.5 percent meaning that the average UK house price now stands at £243,168 as opposed to the £234,858 which was revealed in last month’s survey.
Whilst the summer months created somewhat of a lull for the housing market, the autumn has seen some vast improvement with the 3.5 percent rise seeing the average price increase by more than £8000.
The results of this latest survey contradict earlier claims that the UK housing market was to continue to perform badly after the summer’s poor performance and suggest that the market is stronger than most people think.
Director and Housing Market Analyst at Rightmove, Miles Shipside commented: “This month’s jump of more than £8,000 in asking prices is partly an anticipated bounce after the Olympic-induced activity doldrums, though with all regions seeing increases it also provides evidence of some life in the market.”
House prices are now 1.5 percent higher than they were a year ago and some of the decreases seen during the Olympic months now appear to have been reversed.
Some regions saw their prices rise at a better rate than others with the South East and West Midlands witnessing higher than average price increases of 3.9 percent as well as the North West where prices rose by 3.8 percent.
Whilst the market is unlike the peak it was at before the financial crisis hit, any form of positivity surrounding the housing market is welcoming and will be reassuring for those people hoping to put their homes on the market in the near future.