Average asking prices for houses across England and Wales have rebounded to near record levels in October, according to the latest monthly survey from the Rightmove property website.The average asking price for a property coming to market this month stands at £309,122, almost one per cent higher than September and just £1,349 below the record average asking price recorded in June.Rightmove said a North-South divide has opened up in the market, with sellers holding the upper hand in Wales and northern England, while buyers held the advantage in southern England (although prices in the latter were still substantially higher than in the rest of the country).The reason for this, says the report, is that the number of homes on the market in Wales, the North of England and the Midlands is currently 11 per cent lower than a year ago. Meanwhile, the number of properties available across southern England currently stands 16 per cent higher than this time last year.

London asking prices rise 2.4 per cent in October

Miles Shipside, director of Rightmove, said estate agents in the northern half of the country reported a quiet week or two after the referendum vote, but then saw a quick return to healthy levels of buyer inquiries and sales.“In contrast many in the southern regions saw more prolonged hesitancy among buyers, with it taking until September before a marked pick-up in activity,” Mr Shipside said.“This increase in the number of properties up for sale should not be misinterpreted as a glut of unsold property, but rather as an increase from the very low number of properties that agents have had on their books in the last few fast-selling years.“While there is still underlying high demand in mass-market sectors, some find that affordability has become over-stretched while others judge that prices have risen beyond their true value.“While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal.”

Despite the increase in southern properties coming on to the market, London has seen the largest monthly increase in asking prices, with a 2.4 per cent rise in October taking the average to £645,83. By comparison, the 0.6 per cent increase in asking prices in Wales took the average to £178,178.SW England and NE England are the only two regions to have seen asking prices fall over the past month – down 0.8 per cent and 1.8 per cent respectively.