House prices rise by 2.8% in Autumn

Buyers have been snapping up bargains during Autumn, driving house prices up by 2.8%, according to the Rightmove House Price Index for October.

House prices are now higher than they were a year ago as buyers and sellers have been rushing to beat the stamp duty holiday that ends at the end of the year.

Apparently most buyers now expect prices to keep on rising, with only 10% taking a more pessimistic view and expecting falls in the months to come.

Boosting the feelings of optimism is the news that this 2.8% rise in house prices is the highest in October for six years. Sellers are holding the reins as buyers start to compete for still low stock levels.

Maybe I have been a bit pessimistic about the prospects for the housing market recently, but there are still dark clouds on the horizon.

The general election next year could spread a little uncertainty and things are still far from good with our economy, so maybe now is a good time to sell.

After all, it’s been quite a while since sellers were in control of the housing market.