UK Asking Prices Rise 0.7% in September as Stock Hits 12-Year High
Average property asking prices climbed by £2,441 in September, outpacing the ten-year average. Sellers face a crowded market with record inventory levels.
Key points
- Average UK asking prices increased by 0.7% or £2,441 in September.
- Housing stock is at a 12-year high, creating a seller's market.
- London sellers see a 42% sale success rate, compared to 91% in Scotland.
The average asking price for a UK home rose by 0.7% in September. This marks the first monthly increase since May, according to Rightmove data.
This 0.7% jump equates to an increase of £2,441 per property. The national average price tag now stands at £367,440.
Record inventory complicates sales
Sellers face a challenging environment with housing stock at a 12-year high. This surplus creates intense competition for a limited pool of buyers.
Buyer demand remains below last year’s levels due to affordability constraints. Mortgage rates have also risen recently, adding pressure on monthly budgets.
Regional sales probability varies
Only 61% of homes for sale nationally find a buyer. This success rate varies significantly across different regions of the country.
Scotland sees a 91% success rate for listed properties. In contrast, London sellers see only 42% of their homes sold.
Pricing strategy determines success
Seventy-four percent of homes sold this year were priced correctly initially. Correct initial pricing remains the primary factor in securing a sale.
Rightmove advises sellers to prioritize competitive pricing over high-quality finishes. This approach is essential for standing out in a crowded market.
