The proportion of the asking price being achieved jumped to 95.2%, up from 94.7% in September and just short of its all-time high of 95.7% in June 2007. The proportion was highest in London, 97.2%, but all regions saw declines in the discount to asking prices (chart below). Prices in the capital rose by 0.8% over the month.
One contrasting feature was a nudge up in the time
on the market, from 7.9 to 8.3 weeks nationwide, after eight months of steady
declines. Hometrack attributes this to a possible
combination of reduced quality in the stock of homes for sale and increasing sensitivity
among buyers in the face of strong price rises and the widespread debate over whether
or not this constitutes a “housing bubble”. Another reason (BI’s view) might be lead times in buyers
receiving initial approval under the newly brought forward second phase of Help
to Buy.
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