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Biggest UK monthly house price rise in 13 years

Staff writer |
The Rightmove House Price Index showed the average asking price is up 0.9% to £294,834, citing demand fuelled by cheap borrowing yet supply limited by some home-owners' reluctance to move.

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Rightmove director and housing market analyst Miles Shipside said prices are at an all-time high, yet borrowing is historically cheap and positive sentiment is aided by the ongoing postponement of rate rises from these six-year lows.

"Demand from those who can afford to buy remains high, and suitable supply remains tight, with the number of properties coming to market down 6% on the same period in 2014.

"The result is the biggest monthly price rise seen at this time of year for 13 years."

The previous record was in July, when the average house price was £294,542. The £2,550 rise between August and September is the largest rise seen in September since 2002, when historically there should still be a holiday-season pause.

The increase was driven by a price jump in family-home sectors, up 1.2%, while owners of first-time-buyer properties have seen prices stall, down 1.1%.

House prices in Greater London are still rising, with the average asking price for the month sitting at £620,003, up from £606,826 in August.

Houses in Kensington and Chelsea are selling on average for £2,326,857, while City of Westminster is the second most expensive borough to buy in with an average price of £1,878,256.

The most expensive county to live in is Surrey at an average of £545,841, follewed by Oxfordshire at £437,042.

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