As the sun sets on summer, UK property buyers are back in action, sparking a flurry of activity in the housing market. According to Rightmove’s September house price index, the average price of newly-listed homes has risen by 0.7% (£2,441) to £367,440, marking the first monthly increase since May. This uptick is slightly above the ten-year average, hinting at a potential autumn bounce.
However, the market remains a mixed bag. Buyer enquiries are down 9% compared to last year, and sales agreed have also dipped by the same margin. Despite this, the number of available properties is at a 12-year high, creating a competitive landscape for sellers.
The success of selling varies dramatically across the UK. In Scotland, a whopping 91% of homes find buyers, while in the North West, it's 71%. Contrast this with the South East, where only 56% of homes sell, and London, where less than half (42%) find buyers.
Colleen Babcock from Rightmove notes that sellers face stiff competition, with many homes on the market. Pricing realistically or offering a high-quality finish is crucial to attracting buyers. Marc von Grundherr from Benham and Reeves emphasises the importance of correct pricing, especially in London, where buyers have plenty of options and little patience for overpriced homes.
Ian Harris of NAEA Propertymark adds that while the seasonal momentum is promising, the market remains sensitive to price due to ongoing affordability challenges. With mortgage costs still a concern, sellers need to be mindful of pricing strategies to successfully close deals in this dynamic market.
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