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Rightmove, the UK’s number one property website, today publishes its October 2009 House Price Index and reports a rise in average asking prices of 2.8% (£6,188). This is the largest October rise for 6 years and the average asking price for property in London is now at a record high. The price increase is driven by a lack of new properties coming to market with new stock down 36% on 2007 levels.

Sellers’ markets are associated with high volumes of buyers ready, willing and able to proceed. The number of buyers who can fulfil these 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...

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