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- Miles Shipside, director at Rightmove
$London house prices rose the most sharply, 5.2%, in two years in October, after 2.4% increase in September, said Rightmove, UK largest real estate portal on Monday. The average value of a home advanced to 450,210 pounds.$
“If prices are perceived to be rising, then buyers are afraid that their dream home could move out of their reach unless they act quickly,” Rightmove Director Miles Shipside said in a statement. “This should drive higher volumes of transactions.”
The number of real estate objects being put on sale declined 14%, compared with the same period last year. “That is likely to be one of the key factors behind this month’s new sellers pitching their asking prices at an all-time high,” Shipside said. He also noted that increasing prices may put off many people from buying a house and that “sellers will find that their increasingly lofty price aspirations are not being met.”