Housing market on the up

House prices edged up in September and optimism is returning to the market, according to a new survey by property website Rightmove.

The average asking price rose by 0.5 per cent between September 11th and October 8th, while the number of unsold properties dropped as buyers become more willing to meet asking prices.

House prices are up 1.5 per cent compared to the same period a year ago, suggesting that the drop in prices over the summer was only temporary.

The report also found that prices rose across the country over the month, except in the West Midlands, Wales and East Anglia.

It concludes that a combination of "more realistic asking prices, improved affordability and a possible further cut in interest rates" bodes well for optimism this autumn.

Rightmove director Miles Shipside commented: "Now we have touched down at a sustainable level of pricing, buyers and sellers are gaining in confidence.

"However, don?t expect the market to take off again until a refuelling by more first time buyers, lower mortgage rates, and a continuation of realistic pricing by sellers and their estate agents."

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