Rightmove raise price rise prediction

Rightmove has tripled its forecast for house price rises in 2013. The company expects the average property price to increase by 6% this year, up from the 4% it predicted two months ago. At the start of the year it predicted prices would rise by 2%. It said the average asking price reached £245,495 in September, a 4.5% increase on the same month last year, although this was down 1.5% on August. It also reported 96,330 properties came on to the market in the past month, down by 9% on the previous four weeks and the lowest figure since February. The firm’s Miles Shipside, Rightmove's housing market analyst, said a drop in the number of homes being placed on the market will "prime the pump for an autumn price surge as buyer confidence and activity continues to increase". Prices are rising fastest in greater London, up 8.2% over the past year to £493,748, and the West Midlands, up 6.8% to £195,429. A separate report from the Building Societies Association has found that more than 60% of people now believe house prices will rise in the coming year, the highest proportion since it began collecting the data in 2008.