Asking prices across England and Wales dipped slightly since August (by 0.4%), bringing the year-on-year rise to 4.6%, consistent with both seasonal expectations and typical price adjustments in the wake of a rapid surge, Home.co.uk house price data shows.
And there’s more good news for buyers as the total stock of property for sale in England and Wales ticked up again, albeit more strongly this month.
However, Home.co.uk warns, that it will take perhaps a year before total stock reaches what might be considered normal.
The data shows no slowdown in the market with the Typical Time on Market (median) for unsold property remaining unchanged at 65 days, 17 days less than in September 2021, indicating that properties continue to move through the market at a near-record pace.
The supply of new instructions continues the upward trend, albeit from a very low base. Record-high prices are, as would be expected, encouraging more vendors to enter the market.
Some 17% more properties were placed on the market last month compared to August 2021.
The North West and Welsh property markets now lead in annualised regional price growth (both +7.9%), ahead of the previous leader, the South West (+7.6%).
Meanwhile, monetary inflation increased further to 14.4% (RPI ex. housing), making current real growth around -10% year-on-year and, perhaps more importantly, the real mortgage interest rate around -11%.
Additionally, spectacular hikes in Greater London rents continue. Demand is completely overwhelming supply of available properties, driving annualised rental growth to a shocking 29.2%.
Central London rents have risen by far the fastest over the past 12 months and continue to do so, led by Hackney (+48%), Lambeth (+44%) and Islington (+43%) boroughs.
Asking rent growth across the UK currently stands at an astonishing 21.8% year-on-year as rents rise in every English region, Scotland and Wales.
