Sellers in property box seat
The balance of power in the housing market continued to swing towards the seller in October, according to the latest research from Rightmove. Average property asking prices increased by 2.8% over the month, the largest October rise in six years. As a result, the typical home is now being placed on the market at the price of £230,184, almost £6,200 higher than in September. It also means prices are 0.2% higher than in October last year, the first time a year on year increase has been recorded since June 2008. Meanwhile, the number of new properties that came to the market during the month amounted to 95,000, a 36% decrease on the figure reported two years ago. With around 22,000 of these properties currently exempt from stamp duty, the report noted that some sellers appear to be looking to cash in before the temporary rise in the threshold comes to an end in January. As a consequence, it is suggested an extension of the stamp duty holiday could prove beneficial to the market as a whole. "Sellers of properties which benefit from the temporary stamp duty exemption form a substantial sector of the market," said Miles Shipside, commercial director of Rightmove. "They will be hoping that buyers who are unable to transact at the moment will maintain their interest into the new year when properties are effectively 1% more expensive."