House prices rebound strongly in September on tight supply

 
Ben Southwood
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HOUSE PRICES have bounced back this month, data from Rightmove showed today, after September’s gloomier picture for the housing market.

The average asking price rose £8,310 – or 3.5 per cent – between September and October, bringing it to £243,168, the data revealed.

This recovery came after a stagnant housing market in September, shown by the 0.6 per cent fall in prices seen in that month.

Rightmove director Miles Shipside put the bounce-back down to continued tightness in housing supply. “The weekly run-rate of fresh property stock this month is down by 0.4 per cent on the same period a year ago, indicating little change in sellers’ willingness to come to market,” Shipside said.

But Shipside also suggested that some of the pricing might be excessively optimistic, and that sellers must be careful not to frighten off potential buyers with high asking prices – suggesting downward adjustment may be on the way.