UK autumn house price bounce lower than usual in October

The UK autumn asking price in the bounce among home sellers was lower in October than usual, according to a property website.

Across Britain, the average price of a property coming to the market for sale increased by 0.3% or GBP1,165 in October to reach GBP371,422, Rightmove said.

But the rise is below the 10-year average October bounce of 1.1%, as the high number of homes for sale limits sellers' pricing power, the website added.

October typically sees a seasonal increase in activity and new seller asking prices as the market bounces back from a quieter summer period, but activity has not been strong enough to drive the usual autumn bounce in prices, the report said.

It added that when looking at the year-to-date, market activity remains resilient, albeit cautious in some parts of the market.