House Prices- No Significance in the Marginal Rise in October

There was a 3.1 percent increase in house prices in October as many sellers flooded the housing market. This increase was just a blip only according to Rightmove, the online property company.

The average property price in October is £236,849, while the price in September was £229,767 as per the reports fromĀ  Rightmove.In each of the previous three months it had fallen down considerably.

According to Miles Shipside, director, Rightmove, there was always an autumn bounce as many people try to sell their property after the summer holidays. He added that between 2007 and 2009, sellers tried higher prices in October in spite of the deteriorating housing market and it was not likely to be a successful tactic.

Mr. Howard Archer, chief economist, IHS Global Insight said that 3.1 percent increase was incredibly optimistic and seemed completely at odds.

According to Rightmove, many venders not being forced sellers sell, and buyers unable to pay more, the housing market is in a period of stagnation. The Comprehensive Spending Review is expected to make no effect on housing market sentiment.

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