House prices edge higher in October, Rightmove says

Asking prices for houses in England and Wales registered their slowest rise for the month of October since 2010, data released on Monday showed.

According to property website Rightmove, asking prices rose 0.6% in the month to mid-October compared with a 0.9% increase in the previous month.

However, asking prices for first-time-buyer properties surged 4.9%, driven higher by the chronic shortage of properties and by high demand from first-time buyers and investors.

Homes for first-time buyers have jumped by almost 10% over the last 12 months compared with the 5.6% rise in other property types, the report added.

"With local authorities, housing associations and developers no longer satisfying the country's housing needs, those in particular looking to rent or buy smaller homes must hope for the cavalry to come to their rescue, in the form of government action or large-scale institutional investment," said Rightmove’s housing market Miles Shipside.