UK Home Asking Prices Rise 0.7% in September to £367,440
Average UK asking prices jumped 0.7% in September, exceeding the ten-year monthly average despite a crowded seller market.
Key points
- Average UK asking prices increased by 0.7% in September to reach £367,440.
- Nationally, 61% of listed homes find a buyer, but the rate drops to 42% in London.
- Fixed mortgage rates have risen recently, adding pressure to buyer affordability and monthly budgets.
Average UK asking prices rose 0.7% in September to reach £367,440. This marks the first monthly increase since May, signaling a potential autumn recovery.
Rightmove reported this gain exceeds the ten-year September average of 0.5%. The data indicates a modest rebound following a particularly quiet summer period.
Seller competition remains intense
Homes for sale are at a twelve-year high for this time of year. Sellers face stiff competition as buyer demand remains below last year's levels.
Only 61% of listed homes find a buyer nationally. This success rate varies sharply by region, with London lagging significantly behind other areas.
Regional sales rates vary widely
Scotland reports a 91% sales success rate for listed homes. The North West of England follows at 71%, showing strong regional divergence.
The South East sees a 56% success rate, while London trails at 42%. These figures highlight the difficulty sellers face in the capital market.
Mortgage rates pressure buyer budgets
Fixed mortgage rates have increased recently despite the Bank of England holding base rates at 3.75%. This rise stems from increasing swap rates used in pricing.
Buyers remain price-sensitive as affordability challenges persist. The London Evening Standard notes that competitive pricing is now essential for sellers to secure a sale.
