House prices continue to rise in Scotland according to the latest Index from LSL property services. House prices have passed the £170,000 mark for the first time since May this year, with 25 of the 32 local authorities experiences annual price increases, underlining strong market conditions.1
According to the Rightmove index sellers are starting to feel confident about increasing asking prices in some parts of the country. In fact they state that house prices have risen by a further £2,623 in October, with the average house price increasing by 0.9%, making the average house £309,122.2
Miles Shipside, director of Rightmove, told This is Money: ‘This increase in the number of properties up for sale should not be misinterpreted as a glut of unsold property, but rather as an increase from the very low number of properties that agents have had on their books in the last few fast-selling years.
‘While there is still underlying high demand in mass-market sectors, some find that affordability has become over-stretched while others judge that prices have risen beyond their true value.
‘While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal.'2
The LSL buy to let Index showed a slight dip following record rental prices in September, average rents in England and Wales was £900 for October. London rental property prices remain strong with the highest average rents of £1,290 per month.
Sources: 1 LSL Index
2. This is money http://www.thisismoney.co.uk/money/mortgageshome/article-3841158/House-prices-rise-2-623-October-says-Rightmove.html