UK asking prices rise as autumn market picks up, Rightmove data shows.
UK house sellers raised their asking prices in September as activity picked up following the summer lull, according to figures from Rightmove published on Monday.
Source: Sharecast
The average asking price of newly listed properties rose 0.7%, or £2,441, during the month to £367,440, marking the first monthly increase since May. The rise was also slightly stronger than the average September increase of 0.5% recorded over the past decade.
However, asking prices remained 0.8% lower than a year earlier following several months of declines over the summer.
The number of new properties coming onto the market was flat compared with August and 3% lower than in September last year, Rightmove said.
Meanwhile, borrowing costs continued to rise, putting further pressure on affordability. The average two-year fixed mortgage rate increased to 5.29% from 5.09% a month earlier.
Rightmove property expert Colleen Babcock said: “September’s above-average price rise is a welcome sign of confidence after a particularly subdued summer, but it should be viewed as a modest recovery rather than a major turning point.”
She added that sellers faced “stiff competition” from the high number of homes already available and said realistic pricing remained important to secure a buyer.
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