UK House Prices Rise by 3.1% - Rightmove

The report published by Rightmove on Monday, October 18th suggests that house prices in Great Britain rose in October as sellers refused to adjust their preferences to market conditions. The House Price Index showed that an average increase in asking prices amounted to £7,082 or 3.1%. It is interesting to note that last month the prices demonstrated a fall rather than a rise of 1.1%.

According to Rightmove specialists, the 3 major reasons why UK house sellers increased property prices regardless of inaccessibility of mortgages are:
- tradition
October has traditionally seen a rise in house prices for the last 10 years

- increased supply
More sellers than buyers are present on the UK property market, but none of them wants to make concessions.

Rightmove property experts are determined that sellers who deliberately raise property prices will be disappointed eventually as "high launch price damages chances of securing a later sale."

The full version of Rightmove House Price Index is available at the company’s website.