Rightmove House Price Index Jumps by 3.5%

Rightmove House Price Index sees asking prices rebound post-Olympics this month by 3.5% an average of £8,310. This reported increase partially reverses the poor summer of monthly falls totaling 4.6% or an average of minus £11,377.

All regions throughout England and Wales are showing an increase in asking prices this month with London posting the greatest rebound with 4.8% an average of £21,834 and a new peak average asking price of £478,071.

Although Estate Agents  are now testing higher prices, Rightmove is reporting that “few segments of the market can justify higher property values than the price peaks of 2007/8 and that fewer than 40% of buyers would arrange to visit a suitable property if they believed it was over-priced.”

Miles Shipside, director and housing market analyst at Rightmove comments: “The upturn in asking prices, in the absence of other positive influences, is most likely attributable to the continued shortage of new property supply. The weekly run-rate of fresh property stock this month is down by 0.4% on the same period a year ago.”

Below is a table showing Rightmove’s results by Region: