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Asking prices jump to 'new all-time high'

Strong demand for first-time buyer properties has pushed house prices to a new all-time high this month, according to research.

Average prices in England and Wales have climbed to £296,549 over the course of October, Rightmove said.

And the property site added that this equates to a 0.6% (£1,715) increase in month-on-month terms.

Meanwhile, its study found that average prices are now 5.6% higher than they were this time last year.

Strong demand
Demand was particularly strong with regards to properties designed for first-time buyers, which include one or two bedrooms.

Rightmove said an annual price jump of almost 10% was witnessed in relation to these homes.

Demand at this end of the market appears to be growing, as first-timers compete with landlords seeking out new buy-to-let investments.

Overall, the research indicated that first-time buyer properties are 9.6% (£16,105) more costly than they were a year ago, at an average of £184,676.

The rise of buy-to-let investors
Miles Shipside, director of Rightmove, said landlords are responding to strong rental demand for properties which are smaller in scale.

He added: "Buy-to-let investors will give sellers logical reasons for accepting their offer over a first-time buyer, so do whatever you can to be not only among the first to view, but also to meet or communicate with the owner and make sure they know how much you would love to own, occupy and cherish their property.”

The expert said first-time buyers can also improve their chances of securing a property by having an agreement in principle for a mortgage in place, and by carefully putting their financial affairs in order.

In regional terms, Rightmove said the largest annual rise in house prices has been witnessed in the East of England, at 8.7%.

An 8.3% rise has also been seen in London, with houses in the capital now typically costing £630,050.

Copyright: Press Association

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