UK house prices bounce back in September - Rightmove
By Michele Maatouk
Date: Monday 17 Sep 2018
(Sharecast News) - UK house prices bounced back in September, according to the latest data from Rightmove.
Prices rose 0.7% on the month following a 2.3% decline in August amid signs of a recovery in London and a pickup in sales of the capital's most expensive properties.
On the year, prices were up 1.2% compared to a 1.1% increase the month before.
In Greater London, house prices were up 1.2% on the month, but down 0.5% on the year. Rightmove said there were signs of renewed buyer activity in the upper price sectors in London, with a 6% increase in the number of sales agreed for properties of £750,000 and over compared to the same month last year.
Miles Shipside, Rightmove director and housing market analyst, said: "Buyer affordability has been increasingly stretched by seven years of national average property price rises outstripping buyers' average wage inflation. However in London, after asking prices rose by over 50% between 2011 and their peak in 2016, there have been two years of subsequent price falls in parts of the capital. Now, there are signs that these price reductions in parts of London have led to an upturn in buyer activity as sentiment improves."
London Capital Group analyst Jasper Lawler said: "This is some welcome good news for the housebuilders, after the UK housing market has been struggling thanks to slower economic growth, Brexit fears and weaker confidence, all of which have been more acutely felt in the capital."
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