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Asking prices witness post-Olympic surge

Asking prices witness post-Olympic surge

Category: Mortgages

Updated: 15/10/2012
First Published: 15/10/2012

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The housing market witnessed a post-Olympic rebound between September and October, with asking prices jumping by 3.5% from the previous month.

According to Rightmove's House Price Index, the average property asking price rose to £243,168, as opposed to £234,858 the month before. Year-on-year prices rose by 1.5%.

The rise was the largest seen since eight months ago and suggests the market is not quite as bad as some may believe.

"This month's jump of more than £8,000 in asking prices is partly an anticipated bounce after the Olympic-induced activity doldrums, though with all regions seeing increases it also provides evidence of some life in the market," commented Rightmove's director and housing market analyst, Miles Shipside.

However, Mr Shipside warned that over-ambitious pricing "could curb a potential buyer's enthusiasm to arrange a viewing if the over-priced alarm bell starts ringing".

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