Asking prices for residential property increased by 0.2 per cent in England in October 2018 backed by strong demand, according to the latest Asking Price Index from home.co.uk. The average asking price in England this month is £309,366, registering an annual change of 0.6 per cent.

As the UK's independent and forward market indicator, figures published by home.co.uk indicate fluctuations in residential property asking prices and thereby reflect current and historic confidence of buyers and sellers of UK homes on the open market. The Home.co.uk Asking Price Index is calculated every month using around 500,000 UK house prices found in the Home.co.uk Property Search Index.

The asking prices in England have improved in view of rises in the booming West Midlands and Yorkshire regions. While the monthly change in asking price in West Midlands was 1.1 per cent, annually, it has gone up by 5.3 per cent to reach £251,433. In Yorkshire, the monthly variance in asking price was 1.1 per cent and 4.5 per cent annually. The average asking price in Yorkshire in October was £198,015.

Other regions, which saw increase in asking prices, was North West (up by 0.2 per cent to reach £204,024); East Midlands (up by 0.5 per cent to reach £234,722); Wales (up 0.7 per cent to reach £204,866) and South West (up 0.3 per cent to reach £326,113).

Overall, supply of property for sale in the UK is up by 6 per cent and the total stock for sale has increased by 10.7 per cent year-on-year.