UK Asking Prices Rise 0.7% to £367,440 in Four-Month High
Rightmove data shows a modest recovery in September, though inventory remains at a 12-year high and buyer demand lags.
Key points
- Average asking prices rose 0.7 percent in September to £367,440, the first monthly increase since May.
- Homes available for sale are at a 12-year high while buyer enquiries remain 9 percent lower than last year.
- It takes an average of seven months to complete a move, delaying most transactions until after Easter.
Average asking prices in the UK rose by 0.7 percent in September to reach £367,440. This marks the first monthly increase since May according to Rightmove data.
The portal describes this move as a modest recovery rather than a major turning point. Prices remain 0.8 percent below their level a year ago despite the recent uptick.
Market Supply Exceeds Demand
Sellers face a crowded market with home availability at a 12-year high. Buyer enquiries are down 9 percent annually while sales agreed have fallen by the same margin.
A large crowd of sellers chases a smaller number of buyers. Realistic pricing is therefore key to attracting interest and securing a sale in this environment.
Regional Success Rates Vary
Nationally, 61 percent of listed homes successfully find a buyer. This compares to 74 percent in 2021 indicating a significant drop in transaction success rates.
Scotland sees a 91 percent success rate due to distinct legal practices. London lags behind at 42 percent where affordability constraints create a larger supply and demand mismatch.
Moving Timelines Extend Significantly
The average time to find a buyer is now 64 days. Completion takes a further 150 days making the total moving process around seven months on average.
Buyers aiming to move by Christmas are likely too late for that target. Most transactions will not conclude until after the Easter period based on current pace.
Sources from thenegotiator.co.uk highlight that higher borrowing costs and political uncertainty continue to deter prospective purchasers. Industry experts suggest stamp duty reform could help stimulate necessary market activity.
