The average price tag on a home hit a new record high of £371,158 in October amid surging mortgage rates.
Across Britain, the average asking price on a home increased by £3,398 month-on-month, according to Rightmove, which said shortages of property for sale are continuing to underpin prices. The website added that rapid mortgage rates are understandably causing some new movers to pause their plans and wait to see how the next few weeks unfold.
While buyer demand is still up by 20% compared with 2019 levels, it has been 15% lower in the past two weeks than in the same fortnight last year, Rightmove said. In the first-time buyer sector, demand has been down by 21% in the past two weeks compared with the same period a year earlier, although it is still 24% higher when compared with 2019.
