Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
House prices rose in September with the traditional autumn rebound in activity starting early, a report on Monday showed.
According to Rightmove’s House Price Index, average new seller asking prices rose by 0.8% in September to £370,759.
September usually sees a monthly rise in prices, but this year‘s increase is double the long-term average, with prices supported by increased activity levels, the online property portal stated.
‘The traditionally busier autumn market appears to have started early, with many movers spotting a window of opportunity to act as mortgage rates trend downwards and property choice increases,’ Rightmove said.
The report showed the number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released.
The number of new sellers is up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014, Rightmove noted.
The report did strike a note of caution, noting it currently takes an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year.
Rightmove‘s Director of Property Science Tim Bannister said: ‘The autumn action has started early with 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.’
He cited the ‘certainty of a new government’ and the first interest rate cut in four years as reasons behind an invigorated market, ‘opening a window of opportunity for movers to act’.
Copyright 2024 Alliance News Ltd. All Rights Reserved.