PROPERTY MARKET SHRUGS OFF SLOWDOWN AS SALES SURGE 9% IN OCTOBER
·Highest number of completed home sales in seven years–driven by an uplift in activity outside of London
·House prices climb 0.7% (or £2,026) in a month, in response to demand
·Prices fall at top end of London market, as prime central areas of the capital decouple from rest of country
David Newnes, Director of Your Move estate agents, comments:“This increased level of house sale completions marks a considerable – though laborious – reflection of the increased buyer activity earlier in the year since the recession zapped the energy from the market. October saw the highest level of house sales completed in a month since November 2007. In part this was driven by a better throughput of sales that had sat in the pipeline for some time, finally coming through to completion.
“On a monthly basis, house price inflation has edged up from just a 0.3% increase in September, as we see some modest growth. Recent hiccups in the market have not shaken the overall underlying stability and the average UK homeowner has seen the value of their property rise £26,500 (or 10.5%) in the past year. Average house prices across England and Wales have reached a new record for the sixteenth successive month."