UK housing market sees bumper start to autumn - Rightmove

16th Sep 2024 07:14

(Sharecast News) - The UK housing market strengthened in September, industry research showed on Monday, as prices ticked higher and the number of agreed sales jumped.

According to the latest house price index from Rightmove, average new seller asking prices rose 0.8% this month, double the long-term average. Year-on-year, prices rose 1.2%.

The national average asking price is now £370,759.

The number of agreed sales also rose in September, jumping 27%, while the amount of new sellers increased by 14% year-on-year.

The average number of available homes for sale per estate agent is now its highest since 2014.

Autumn is traditionally a busy period in the housing market, but Rightmove said it appeared to have started early this year.

Tim Bannister, director of property science, said there had been a "strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected summer market".

"The certainty of a new government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act," he added.

However, he also sounded a note of caution: "Windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which would cause some of the current market activity to ease."

In particular, Rightmove flagged mortgage rates still being high, despite recent falls, and the upcoming Budget on 30 October.