September Rightmove House Price Index
This month’s Rightmove House Price Index shows a 0.8% rise in asking prices to £370,759, as early autumn activity picks up. Sales agreed are up 27% from last year, driven by better mortgage rates and increased property choice.
With autumn just around the corner, we’re seeing a boost in property market activity. Movers are jumping at the chance to make a move, as highlighted in Rightmove’s September House Price Index.
Early Autumn Action
This September, we’ve seen a 0.8% rise in average asking prices, bringing the national figure to £370,759. Typically, we expect a slight price rise at this time of year, but this increase is double the usual September average. This jump reflects a busier-than-usual market, with buyers and sellers acting quickly as mortgage rates trend downwards and more properties hit the market.
Buyer and Seller Confidence
Buyer demand is on the up, with sales agreed up by an impressive 27% compared to this time last year. Homeowners are also more confident, with 14% more new sellers coming to market, and the number of homes for sale per estate agent reaching its highest level since 2014.
Mortgage Rates and Market Caution
Despite the positive activity, the market remains cautious. While the average 5-year fixed mortgage rate has dropped to 4.67% (down from the July 2023 peak of 6.11%), it’s still nearly double what it was three years ago. Buyers are taking their time, with it taking an average of 60 days to find the right buyer, slightly longer than last year.
Outlook for the Coming Months
As we look ahead, all eyes are on the Autumn Statement in October, with the potential for further rate cuts that could influence the market. For now, the window of opportunity is open, but buyers and sellers will need to stay tuned for any changes on the horizon.
For more insights, check out Rightmove's House Price Index.
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