|% Change in month||% Change Past Year||Ave house price|
• Onset of autumn market sees national average asking prices rebound, up +2.8% (+£6,923)
• London storms back from summer of low listing activity and price falls, with new seller numbers up 15% and asking prices up +10.2% (+£50,484) on September – average asking price is now +5.6% (+£28,852) above July’s record of £515,379, an average growth rate of c.2% a month over the quarter
• With affordability in London stretched, the 5% deposit incentive of phase two of Help to Buy is likely to have greater impact outside the capital as Londoners face income not deposit challenge:
- Prices in outer London already more than double those in the rest of England & Wales (excluding London), though average wages only 60% higher
- 80% of buyers in London improve their buying budget and mortgage rate with 10% or greater deposit, and 37% receive assistance from Bank of Mum and Dad.
• No risk of a price bubble outside London as two regions record monthly falls, five are negative year-on-year, and seven in ten regions have annual price rises lagging behind inflation