House prices start to rise

Last updated: Nov 16th, 2012
News by Emma Gunn
house and coins

House prices rose by just 0.1% in October, but this is the first monthly increase since May, according to data from LSL Property Services and Acadametrics.

The average property price in the England and Wales now stands at £225,954, up £270 from September’s figure of £225,684.

In addition, there was a 24% increase in the number of transactions - a positive sign but experts say it must be viewed against a backdrop of a slow market.

Playing catch-up

"Following the post-Olympic slump in September, the housing market has been playing catch-up, benefiting from the pent up sales activity of those who delayed moving decisions in early summer," says Richard Sexton, director of chartered surveyors e.surv.

Over the past three months, Greater London has seen the largest regional increase, with the average price rising by 8.3%, while prices in the North West fell the most, by 1.9%.

"Overall, going into next year I expect the market to remain largely flat with potential buyers still uncertain as to whether now is the right time to buy. The regional variation is also likely to persist," says David Hollingworth, mortgage expert at London and Country Mortgages.