By Oliver Griffin
Property prices in the U.K. have seen their lowest monthly rise in October since 2008, according to the Rightmove House Price Index.
According to a report published by Rightmove PLC /zigman2/quotes/201303150/delayed UK:RMV -2.92% on Monday, U.K. house prices rose by an average of 0.6%, or 1,942 pounds ($2,494), to GBP306,712 in October. Compared with a year ago, prices were down 0.2%.
Rightmove said the sluggish monthly rise was the lowest “autumn bounce” — referring to a typical increase in house prices in the fall — in prices since October 2008. The company said that, typically, house prices in October rise by around 1.6%.
The company said that the number of properties coming to market dropped by 14% compared with a year ago.
Rightmove Director Miles Shipside said: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.”
In the Greater London region, the average house price as of Oct. 19 stood at GBP618,432, up 2.4% on the prior month. However, the report also found that house prices in a number of places including Wales, the North East of England and the East Midlands saw prices contract.
While selling prices dipped on average across the country, Rightmove said that the number of sales agreed during the month was virtually unchanged on the same period a year ago.