Property prices 'higher than a year ago'
The average asking price for a property is now higher than it was 12 months ago, a new report has revealed.
According to the study by Rightmove, prices increased by 2.8 per cent during the month and now stand 0.2 per cent above last October's level.
This is the first time in 16 months that a year-on-year rise has been recorded by the group.
Furthermore, the average asking price in London increased by 6.5 per cent in October 2009 to £416,157.
As this is the highest level ever recorded, Britons may find that property to rent in Fulham or another part of the capital continues to be a more affordable alternative to buying.
Commenting on the figures, Liam Bailey, head of residential research at Knight Frank, said that the scale of the price rises is "unsustainable" and slight falls in value can be expected in 2010.
However, he added: "Our own view is that we will not [see] another big dip in prices because it doesn't seem as if inflation and interest rates are going to go up significantly from here."
Written by Chris Price
Published 20th October, 2009
© 2009 Estates IT Limited
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Britons who rent their home may wish to continue to do so as property prices are now higher than they were a year ago, according to new figures.