Largest October rise for six years as balance of power continues swing towards new sellers, pushing average Autumn asking prices up by 2.8% [£6,188], according to Rightmove’s October House Price Index.

95,000 fresh stock, down 36% on 2007, including 22,000 stamp duty exempt sellers looking to cash-in before buyer incentive ends in January, with now being the ‘Window of opportunity for sellers’ given the 2010 election and economic uncertainties facing the next Government and home movers.

Sellers’ markets are associated with high volumes of buyers ready, willing and able to proceed. The number of buyers who can fulfil theses criteria remains well below historical norms, yet this month’s statistics from Rightmove show a 2.8% rise in new sellers’ average asking prices. This is the largest rise seen during October in six years, a highly unusual time of year to see such a strong sellers’ market emerge, especially given the current economic backdrop.

The good news for buyers is that many Lenders are lowering their Fixed and Tracker rates bringing gradual confidence back into the mortgage market.