Rightmove reveals six year price high

National house prices have surged to their highest level since October 2003, according to Rightmove, the UK’s leading property website.

The portal’s recent house price index reveals that prices increased 2.8% to £230,184 this month, up from £223,996 in September, due to the continued shortage in new instructions.  Just 16,808 properties were listed on Rightmove this month while 19,890 were removed.

Miles Shipside, commercial director for the portal says:  “Agents in the north as well as the south are reporting that quality properties are often selling within the week.  Buyers are ready to pounce on new instructions and are willing to proceed as they believe prices have bottomed and more are finding the ability to put down the larger deposits required to access the best mortgage deals.”

The index follows Zoopla’s latest quarterly sentiment survey, which reveals that a staggering 79% of homeowners expect property prices to rise in the next six months with an increase in transaction volumes from the recent lows.

On a regional basis, Scots are most optimistic about the market outlook, with 83% expecting the value of their home to rise over the next six moths, compared to 79% in England and 78% in Wales.

Meanwhile, the Royal Institution of Chartered Surveyors reveals that the number of completed sales recorded by members in September increased during the month to 18, while the average number of properties on their books remained flat at 64.

In terms of funding the latest figures from the Council of Mortgage Lending out this week reveal that gross mortgage lending, which encapsulates all mortgage lending activity including house purchase and remortgage, increased 2% to £12.5bn last month.

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