🏡 September 2024 - House Price Index.
The largest monthly sample of residential property prices and housing market activity from Rightmove.
Here are 7 key points from the report that you ought to know ⬇️
🟢 Average new seller asking prices rise by 0.8% (+£2,974) this month 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 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:
🟢 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.
🟢 Home-owners more confident to come to market, with the number of new sellers 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.
However, the market remains cautious, and there are still uncertainties ahead:
🟢 It’s currently taking 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 as value-conscious buyers take their time to find the right home at the right price.
🟢 The average 5-year fixed mortgage rate is still 4.67%, and while this is lower than the peak of 6.11% in July 2023 nearly double the 2.34% at this time three years ago.
🟢 We wait to see any housing announcements made in the Autumn Statement on October 30th.
Tim Bannister, Rightmove’s Director of Property Science, 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. However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease. Home-owners 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."
