Rightmove reports 0.5pc rise in prices
HOUSE prices grew by 0.5 per cent in October, driven by a widening gap between supply and demand and above average growth in London and the South East, says Rightmove.
The supply of homes for sale fell by 1.6 per cent following a 0.3 per cent decline in September.
Growth in new sales is running at four to five per cent per month, which is eroding the stock of homes for sale. In contrast, levels of demand have grown by three per cent in the last two months.
Improving confidence among buyers has been fuelled by low mortgage rates and positive news on a recovering housing market.
In Yorkshire, prices rose by 0.2 per cent, the number of homes on the market fell by 1.8 per cent and sales were up 5.7 per cent.