The Land Registry says the average house price in England and Wales now costs £186,553, an annual increase of 5.3 per cent.
This follows a 1.0 per cent average rise in September.
London house prices rose 1.8 per cent last month - despite the downturn in prime areas - and the typical home in the capital now costs £499,997, up 9.6 per cent annually.
The north east of England saw the only annual price decrease, of 0.3 per cent.
Between April and July this year - the latest Registry data available - sales volumes averaged 71,766 transactions per month; in the same period a year earlier, sales volumes averaged 78,330 per month
Andrew Bridges, managing director of London estate agents Stirling Ackroyd, says the capital is suffering from unique challenges. “A lot of talk about housing plans will dominate the gathering mayoral race, but what is needed is action. Many potential buyers are being squeezed out of the capital – and the supply of new homes is likely to define the prospects of a generation of Londoners.”
Stephen Smith of Legal and General’s Mortgage Club says an increasing range of mortgages has helped stimulate an increase in demand.
“This would be good news if there were enough housing available for people to buy but unfortunately, however, this is not the case. The lack of properties coming on to the market is making the process of buying a home more competitive, which is in turn pushing up prices beyond the level of inflation and limiting the amount of choice for those looking to buy” he claims.
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"The lack of properties coming on to the market is making the process of buying a home more competitive, which is in turn pushing up prices beyond the level of inflation and limiting the amount of choice for those looking to buy."
This argument needs more careful examination.
Think about it! If sellers think that they should scoop whatever prices they can obtain from the most wealthy amongst us, just because they can, the effect will be that fewer buyers will be able to compete in the market, thus limiting the opportunity to sell. It's a self-defeating strategy.
The knock-on effect of this will be fewer houses coming onto the market, as is currently being seen.
The result must be a lack of availability of houses and flats for sale in the market generally.
Sellers will themselves be unable to find alternative homes to afford and will therefore soon decide against trying to sell.
Buyers will simply be unable to afford to buy in the majority of cases so will stop looking also.
The housing market's economics will be adversely affected and in addition the slowdown in the number of sales completing will have a knock-on affect on the whole of the rest of the U.K. economy.
A different strategy is urgently required.
For a better prospect for the whole UK housing market, as part of the nation's economy, please Google: The Hendry Solution.
This explains exactly how to overcome this real and growing threat to stability in the housing market, whilst more housing is constructed to satisfy the currently increasing need for it.
It's not too late to start implementing these proposed changes in order to restore the UK housing market back to good health.
I think the psychology of the decision to make your next purchase is one on the main reasons that properties are not coming on to the market.
Most sellers will research the area they want to move to by using their favourite internet portal. Because the "Show SSTC" option is naturally un-ticked, they will (usually) not see the properties that were available.
If we go back 20 years you picked up a local paper (usually out of date before it went to print) or spoke to an agent who checked your criteria and told you "No trouble!"
They then happily put their property on the market and crossed fingers.
In this instant gratification age, that process doesn't work any more and owners are sitting at home, desperately researching their next move and convincing themselves not to even try because they can't find anything to move to.
Yes, but why do you think this this happening please?
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