Average asking price of home hits £367,760

THE average price tag on a home increased by £2,587 or 0.7 per cent month-on-month in September, according to a property website.

Across Britain, the average asking price of a property coming to market is £367,760.

Rightmove said the price increase is in line with the average September rise of

0.6 per cent over the past 10 years.

It added that price growth this month is being driven predominantly by the middle and high-end market sectors.

On Thursday last week, the Bank of England base rate was increased from 1.75 per cent to 2.25 per cent, pushing up costs for many mortgage borrowers.

Taking into account all of the recent Bank of England base rate hikes, a tracker mortgage is now about £210 per month more expensive on average than it was before the rate increases started last December, according to the UK Finance figures.

A standard variable rate (SVR) mortgage is now about £132 more expensive per month, according to UK Finance.

In the mini-budget last Friday, the Government announced a stamp duty cut for home-movers and first-time buyers in England and Northern Ireland.