House sellers' asking prices jumped by £3,432 on average in October, study finds

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House sellers' asking prices jumped by 1.1% in October - marking the biggest increase seen for this time of year since 2014.

Across England and Wales, the average price tag on a home now stands at £313,435 - a 1.1% or £3,432 increase compared with the previous month, according to Rightmove.

The property website said that while it has recorded an increase in October every year since it started back in 2001, this month's upswing is the biggest since a 1.4% rise in October 2014.

Miles Shipside, director of Rightmove, said many new sellers this month will be hoping to agree a sale before Christmas.

But he said: "It will be harder for this Autumn's sellers to secure a sale because buyers have more choice with a 3.1% increase in new seller numbers compared to this time a year ago."

The average time from first advertising on Rightmove to being marked as sale agreed by an estate agent is 63 days.

Rightmove said the properties that are moving the quickest are in the "second stepper"property sector - those with three or four bedrooms excluding four bedroom detached homes - where the average time taken to find a buyer is 60 days.

Typical first-time-buyer type properties, with two bedrooms or fewer, also just undercut the average with time to sell being 62 days.

Mr Shipside said: "Sellers looking to find a buyer before Christmas have a head start if they are selling a property in these two mass-market sectors, as that is where there is the greatest demand.

"However, with buyers' average wage rises often falling behind retail price inflation, and with a rise in interest rates being more heavily trailed by the Bank of England, sellers in these most popular sectors should still be wary of over-pricing.

"Buyers will be looking for the best buy on the market in their desired area either in terms of price or quality of finish."

Rightmove said the toughest market currently includes larger homes at the "top of the ladder", which take an average marketing time of 76 days.

It said the extra challenge to sell these larger properties is especially noticeable in London, where the average time to find a buyer is now 86 days in this sector.

Mr Shipside said: "Sales agreed numbers are holding up better in the north, whilst a common factor throughout the country is the lower and middle market sectors being the most active.

"However, where property prices have far outstripped buyers' wages, and consequently their affordability, sellers will either have to be more tempting with their asking prices or outscore other properties with extra desirable features."

See full story in the County Times

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