The average asking price rose by just 0.85% in the quarter but despite this small increase, the average asking price was the highest on record at £265,545.
Unusually, the Greater London market was subdued in the third quarter of the year as it tempered following the huge growth recorded in the first half of 2014, according to the data from Move with Us.
The region, surprisingly, wasn’t the strongest performing in the third quarter, seeing the fourth largest percentage growth in Britain at just 1.03%. A moderate rise in the average asking price combined with lengthening selling times indicated average asking prices in the Capital may have settled at £466,147 for the time being.
The East Midlands saw the highest percentage growth in the average asking price, which reached £192,787 in the third quarter. This rise is, however, still relatively small at 1.36%.
The average asking price dipped in just two regions in a quarterly comparison, in the North East by 0.10% to £154,073 and in Scotland by 0.22% to £161,937. Despite this quarterly drop, the average asking price in both regions grew marginally in a yearly comparison demonstrating stability.
‘The last three months have signalled a shift from the first half of the year, with average asking prices stabilising in most British regions after months of consecutive growth.’ said Robin King, director, Move with Us.
‘However, this didn’t stop prices hitting the highest figure on record with an average asking price £265,545 for Great Britain. In the Capital the market experienced an uncharacteristic slowdown in the third quarter of 2014 and for the first time in years didn’t have the highest percentage increase in the average asking price,’ he added.
A breakdown of the figures show that despite expectation of strong price increases expected for the Greater London market, the average asking price levelled in the third quarter for the first time since November 2012, finishing the quarter at £466,147. Year on year, however, the average asking price in the region has increased £87,636 or 18.8%.
The average asking price in the South West peaked at a record high of £282,093 in July. It then adjusted downwards slightly and stabilised in August and September, sustaining the increases seen in the second quarter of 2014. By the end of the third quarter the average asking price in the region was £281,985, just £1,043 or 0.37% higher than the second quarter of 2014.
In the South East, the market experienced a slight downward adjustment in August, despite a growth of £11,144 between April and July. This is not unexpected on the back of such strong price increases.
By September, prices were rising once more albeit at a slower pace in the region and at the end of the third quarter the average asking price in the area was £344,414, the highest on record. This is an increase of £33,925 or 9.85% in a yearly comparison. Despite these strong figures, prices in the South East grew minimally in a quarterly comparison in line with the national trend.
The average asking price in East Anglia levelled in August before increasing again in September to end the third quarter at £281,831, the highest average asking price on record for the region.
In the East Midlands, after increasing sharply in the second quarter, the average asking price increased steadily throughout the third quarter. The region saw the biggest percentage increase of any region in Britain in the quarter at 1.36% or £2,621. By September the average asking price broke the record reaching £192,787.
The average asking price in the West Midlands increased steadily throughout the third quarter and by September it had reached £203,397, a quarterly increase of £1,464 or 0.72%.
However, this rise is minor compared to the strong growth the region has seen in recent quarters. Despite this modest growth, the asking price hit a record high in the region, increasing by a noticeable £8,929 or 4.39% in an annual comparison.
After increasing in April and May, the average asking price in Yorkshire and Humber stood strong in June and July. It then increased again in September to reach £173,771, the highest it has been for five years. The average asking price in the region has increased £4,379 or 2.52% when compared to the same time last year.