Property price rebound continues in October as northern divide deepens

Billy Bambrough
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There has been a split in the housing market since the Brexit vote
There has been a split in the housing market since the Brexit vote (Source: Getty)

​The price of property in the UK coming on to market has risen for the second consecutive month, recovering from two consecutive falls in July and August.

The average price of property coming to market rose by 0.9 per cent (£2,623) this month to £309,122, just 0.4 per cent below the all-time high reached in June.

The housing market north/south divide – which developed after the vote to quit the European Union – remains pronounced, however, according to the latest Rightmove house price index.

Read more: London house prices knocked by most expensive boroughs in September

Across the northern regions sellers have the upper hand, with an 11 per cent fall in the total available stock for sale compared to September 2015. In the south, buyers are in a better position after total available stock for sale rose by 16 per cent on last year.

“Agents in the northern half of the country reported a quiet week or two after the surprise result of the Brexit vote, but most then saw a quick return to good levels of buyer enquiries and subsequent sales agreed,” said Rightmove housing analyst Miles Shipside.

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