Highest ever national average price of property coming to market, up by 0.6% (+&1,715) this month to &296,549 - and 5.6% more expensive than a year ago
New record fuelled by high demand for first-time-buyer properties, with prices up 4.9% on last month and 9.6% (+&16,105) over the past 12 months
Vicious circle as high tenant demand leads buy-to-let investors to go head-to-head with first-time buyers:
- Many letting agents report ‘same-day’ rentals and little or no property to rent
- Number of first-time-buyer properties (two bedrooms or fewer) coming to market down by 8% on same period a year ago, exacerbated by first-time sellers struggling with second-step price gap
Rightmove advises first-time buyers how to get on a level playing field versus landlords by winning over the hearts, minds and pockets of sellers
While this month sees a new all-time high of &296,549 for the price of property coming to market, it is a relatively modest monthly increase for the time of year, at 0.6% (+&1,715). This is the lowest October increase since 2010 (+0.2%) and should be compared with an average October rise of 1.8% over the previous five years. However, while new seller asking prices in the middle (+0.4%) and upper (-0.1%) market sectors have under-performed against the national average this month, high demand combined with a supply shortage at the lower end of the market have pushed up prices for typical first-time-buyer properties by 4.9%. These two bedrooms or fewer properties are now at their highest price ever, an average of 9.6% (+&16,105) more expensive than a year ago, far outstripping the overall annual rise of 5.6% for all property types.
To read more about what Rightmove have to say about the price surge for first time buyers click here.