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TODAY'S OTHER NEWS

House prices at new high in record September

The price of property coming onto the market has hit a new high after the biggest September rise for 13 years.

New figures from Rightmove, published today, show that UK asking prices rose 0.9% to £294,834.

The average rise of £2,550 is the largest amount seen in September since 2002, although first-time buyer prices stalled.

Demand is being fuelled by cheap borrowing while supply is limited by the reluctance of some homeowners to move.

The figures also show that the property rich are getting richer, with the top 15 highest-priced counties all rising by double the national average at 1.8%.

These counties are all in the higher-priced southern regions, due to supply shortages and lack of properties coming to market.

Prices in cheaper northern regions actually fell, although this is worsening supply shortages because would-be sellers are struggling to raise adequate funds to move.

New seller numbers fell -7.1% in the South and -4.9% in the North.

Miles Shipside, Rightmove director and housing market analyst, said: “Prices are at an all-time high, yet borrowing is historically cheap and positive sentiment is aided by the ongoing postponement of rate rises from these six-year lows.

“Demand from those who can afford to buy remains high, and suitable supply remains tight, with the number of properties coming to market down 6% on the same period in 2014.

“High demand, lack of suitable supply, and increasingly stretched affordability are leading to some extremes in market forces in different sectors and parts of the country.”

Shipside added: “This year’s price surge in the first-time-buyer sector has stalled this month, and has now been overtaken by second-stepper homes both in terms of monthly and annual increases.”

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