Property prices in Great Britain have surged in October, with all market sectors and regions hitting new record highs for the month.
- Prices of property jumped by an average of 1.8% or £5,983 in October. This is the highest percentage monthly rise for the month since October 2015.
- The average asking price for the month stood at £344,445, up from £338,462 in September.
- National average asking prices for first-time buyers climbed 0.8% to £210,672 from £209.056 in September and 4.5% from a year ago.
- Prices for second-steppers up 1.4% to £315,486, and top of the ladder at £630,819.
- Rightmove recorded a “full house” for the time since March 2007, with competition for property for sale sustaining strength.
- Agents believe prices continue to be driven by stock shortages, and prices are expected to continue to rise, albeit at a steadier pace.