The housing market is kicking back into gear after the summer lull with asking prices up 0.9 per cent in September, according to online estate agent Rightmove.
According to the agent, asking prices averaged £264,875 at the start of September, up from £262,401 a month earlier. On an annual basis, asking prices were up 7.9 per cent year-on-year in September.
Rightmove says the average change for September over the past 10 years has been a fall of 0.5 per cent, so the upward trend “heralds a quicker than usual upturn as autumn’s market gets going after the summer holiday downturn”.
The firm generated over four million enquiries for agents in August, which is says is up 16 per cent year-on-year and is a sign that pent-up demand remains.
Rightmove director and housing market analyst Mike Shipside says: “We usually see a price fall at this time of year as potential home movers are generally still in holiday mode. However, it looks like there are early signs of a bounce-back in demand after the summer lull, leaving those estate agents with a shortage of stock at a potential disadvantage and therefore eager to attract new instructions.”
Haart London operations director Nick Hougham says: “In the past few weeks there’s been a surge in prospective buyers registering with us, alongside more properties coming to market now that people are back from holiday and kids are back at school.
“September is a key month for those who definitely want to move by the end of the year to act.”