The property market has seen a notable shift this September, with new seller asking prices rising by 0.8% (+£2,974), bringing the average asking price to £370,759. September traditionally sees an uptick in prices, but this year's increase is double the long-term average. Several factors are supporting this price rise, including increased activity levels as the Autumn market kicks off earlier than usual.

What’s Driving the Market?

Many movers are acting quickly to take advantage of a window of opportunity. With mortgage rates trending downwards and a wider choice of properties available, the market has become more active. This surge in activity is reflected in a 27% year-on-year increase in the number of sales agreed, showing a strong rebound compared to last year’s more subdued market.

Homeowners, sensing the more optimistic outlook, are gaining confidence and coming to market in greater numbers. The number of new sellers has risen by 14% compared to the same time last year, and estate agents are seeing the highest average number of homes for sale since 2014."Attractive homes priced accurately are likely to be met with interest from buyers quickly, while overpriced or poorly presented homes may languish on the sidelines..." - Rightmove Property Index  

Inflation Impact and Mortgage Opportunities

While inflation remains at 2.2%, slightly above the government’s target of 2%, there’s some good news for buyers and homeowners. Many lenders have started to reduce their mortgage rates, making this an opportune time for prospective buyers to prepare for their mortgage applications.

While the average 5-year fixed mortgage rate has dropped to 4.67%, it’s still significantly higher than the 2.34% we saw three years ago. That said, the drop from the July 2023 peak of 6.11% has provided some relief, encouraging buyers who were previously holding off.

Whether you're saving for a deposit, comparing rates, or just need some advice, we’re here to help.

All eyes are on the Autumn Statement due on October 30th for any housing related announcements, which could impact both buyer and seller confidence going forward.

Thinking of selling your home?  With more sellers entering the market and buyer demand rising, now could be the perfect time to make your move. Book a valuation with us today and find out what your home is worth in the current market.