The average price of property coming to market in September has risen by 0.8%, equivalent to £2,974, bringing the average asking price to £370,759, according to Rightmove’s latest data. This increase is double the long-term seasonal average, driven by a stronger-than-expected recovery in market activity this summer compared to the subdued market of 2023.
Tim Bannister, Rightmove’s director of property science, explained: “The autumn action has started early with a strong rebound in activity from both buyers and sellers compared to last year. The certainty of a new government and the first Bank Rate cut in four years has invigorated the market, opening a window of opportunity for movers to act.”
The number of sales agreed is up by 27% year-on-year, and buyer enquiries have increased by 15%. The number of available homes for sale per estate agency branch has also risen to its highest level since 2014, at 33 properties. However, despite the increase in choice, the market remains cautious, with homes taking an average of 60 days to find a buyer—three days longer than last year. Bannister cautioned sellers: “Home-owners who are thinking of coming to market soon must price competitively to sell. Choosy buyers are taking their time to find the perfect home at the right price.”
Mortgage rates, although falling, remain high compared to recent years. Rightmove reports that the average 5-year fixed rate is now 4.67%, down from July’s peak of 6.11% but still nearly double the rates of three years ago.
As autumn progresses, the property market is expected to remain active, although there are uncertainties ahead, including the potential for further Bank Rate cuts and the upcoming Autumn Statement, which could affect different market segments.
