The latest figures from Rightmove suggest something of a revival in the property market with prices on average 2% higher than a year ago, largely led, admittedly by London.
Though prices actually fell 2.6% in November - traditionally a poor time for the market - asking prices are up on last year with the 2% difference year-on-year being the biggest annual rise since 2007. Even if London is removed from the equation, prices were still up, 0.2%, an increase which comes after an autumn rise of 3.5% month-on-month after a relatively poor summer, perhaps due to distractions such as the Olympics. The increase meant that the average price of a property across England and Wales stands at £236,761.
Prices fell on a month-on-month basis across all regions apart from London which appears to be benefitting from strong overseas buyer interest. The biggest falls were recorded in the North West and the South East. Nevertheless, Miles Shipside, director and housing market analyst at Rightmove, said the November figures were better than expected and said the stability might point to a “sounder springboard” for next year on the way towards a sustainable recovery.
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