The price of property coming to market has seen a monthly increase of 1.1% in October, the Rightmove House Price Index has revealed.
This increase continues the trend that the index has seen since it started in 2001: October of every year has recorded an increase in the price of property coming to market.
The average time from first advertising on Rightmove to being marked as sale agreed by an estate agent is 63 days, with properties moving the quickest being in the second stepper property sector.
The toughest market at present is properties with five bedrooms or more with this top of the ladder category taking a current average marketing time of 76 days, a number which increases for properties of this type in the capital.
The number of sales agreed in London saw a yearly decrease of 9%, regions in the southern half of the country fell by 7.9% whilst northern regions saw a smaller decrease of 3.0%.
Miles Shipside, director and housing market analyst at Rightmove, said: “Whilst affordability is stretched, it is still countered by the motivation to own a home rather than rent, or the need for extra space to house a growing family.
“With buyers’ average wage rises often falling behind retail price inflation, and with a rise in interest rates being more heavily trailed by the Bank of England, sellers in these most popular sectors should still be wary of over-pricing.
“With the number of sales agreed for the year still up on a pretty busy 2016 it shows there is plenty of potential life in the market and need for housing, but at the right price and quality.
“Those homeowners who need to do some work to their home to make it more attractive to potential buyers should get ready now in time for marketing in January.”
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “A housing market like this, where prices rise well above wage inflation, is unsustainable in the long-term and needs to be addressed with comprehensive action from the government.”
Russell Quirk, founder and chief executive of eMoov.co.uk, added: “The north-south divide is no new division where UK house prices are concerned but a slower market climate in recent times has seen the divide almost reversed with the more affordable areas in the North performing much better where actual price growth is concerned.
“With the UK market showing positive signs of a recovery over the last few months it is unlikely the average UK seller will struggle as we approach one of the busiest periods in the UK property market calendar.”