The average price of a new property coming to market in September 2024 rose by 0.8% - around £2,974 – increasing the average asking price to £370,759, according to Rightmove’s latest report.
There is usually an uptick in prices around this time of year, but this year’s is double the long-term average, with increased activity levels able to support the price rises.
Rightmove’s report suggests that homeowners have more confidence in the market, with an increase of 14% of new seller, bringing the average number of available homes for sale per estate agent to its highest level since 2014.
The average number of available homes for sale per estate agency branch stands at 33, its highest number in ten years.
However, caution remains on the market. Sellers are taking an average of 60 days to find a buyer, which is three days longer than this time last year (when the market was more subdued), with buyers taking their time to ensure they find the right amount of value.
The average five-year fixed mortgage rate is still 4.67%, which is lower than the peak of 6.11% seen in July 2023, but almost double the 2.34% at this time three years ago.
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 added: “Homeowners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price.
“There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.”
