Reeds Rains celebrates rising house prices

Reeds Rains has commented on the positive increase in house prices last month after months of stagnation.

House prices were reported to have increased in the month of October, signalling positive growth for the housing industry.

With prices moving up an average of 0.4% on the previous month, the news of the increase in house prices was positive for those in the industry like estate agency and property franchise Reeds Rains. It was the first time since February that house prices had seen a monthly increase and the news will be welcomed by sellers and estate agencies everywhere.

Oliver Blake, managing director of Reeds Rains, said that the news was very promising for those looking to sell a house and managed to buck the recent trend of price drops.

"Whilst price growth has slowed considerably in England and Wales, the fact that there is a relatively strong economic backdrop, and there have been three consecutive months of growth, means it’s not all doom and gloom."

While not all areas were affected by the growth in housing prices, some areas including the North West are benefitting from a competitive market. When describing the situation in some parts of the UK, a finance company said:

“The market is very competitive and it is definitely a sellers market. There is still a lack of property on the market and a good appetite from first time buyers and home movers. I have experienced clients buying at asking price and some clients going beyond asking price due to the number of interested parties in the same property."

One of the UK’s oldest and most respected estate agencies, Reeds Rains has been in business for more than 150 years. With more than 170 branches across the country, its expert advisors are always close by to offer guidance on all property matters.