UK house prices increase in September; sellers face crowded market

(Alliance News) - UK house prices increased in September, according to a report from Rightmove, the first time prices have risen since May.

The average asking price for a newly listed property increased 0.7% month-on-month in September, rising to GBP367,440. Prices had fallen 2.0% in August to GBP356,999.

The online property platform said the price increase indicates that the market will see its usual autumn bounce, but warned that sellers face a crowded market, with the number of homes available to purchase at a 12-year high.

"September's above-average price increase for the time of year is a possible early sign of the usual Autumn bounce in activity, though there is considerable ground to make up after a somewhat subdued and distracted summer," Rightmove said.

On an annual basis, average asking prices declined 0.8%, slightly less than in August when prices were down 1.0% year-on-year.

Rightmove's 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.

"Property prices have largely underperformed against the long-term average this year, but September is an exception. While buyers and sellers are returning to the market after the summer holidays to potentially fuel an Autumn bounce, sellers face stiff competition from a 12-year high number of other homes for sale.

"With a large crowd of sellers chasing a smaller number of buyers, realism on pricing or a high-quality finish are absolutely key to attracting a buyer and making a sale."

The number of buyers is down 9.0% compared to last year, Rightmove said.

This is particularly affecting London, where 42% of homes successfully find a buyer, compared with a national average of 61% and a high of 91% in Scotland.

Rightmove said the London market faces stretched affordability and a "larger mismatch between supply and demand".

Babcock said: "It's encouraging to see more buyers returning to the market as we move into autumn, with activity picking up as usual after a subdued summer. Whilst almost two-thirds of homes are still successfully finding a buyer, the chances of selling vary significantly depending on where you live."

By Harvey Dorset, Alliance News reporter

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