Rightmove has released its House Price Index for September.  It can be seen here, and says:

As the property market enters the typically busy autumn season, early action is already underway, with both buyers and sellers capitalising on improved conditions. The average new seller asking price has risen by 0.8% (+£2,974) this month to £370,759, which is double the long-term average September increase. This rise in prices is being driven by increased activity levels, as mortgage rates trend downward and property choice expands.

Strong Rebound in Sales Activity

– Sales agreed between buyers and sellers have surged by 27% compared to last year, when the market was more subdued.

– The number of new sellers coming to the market has increased by 14% year-on-year, signalling renewed confidence among homeowners.

– The average number of available homes per estate agent is now the highest since 2014, at 33 homes per branch.

Caution Still Looms

Despite the positive market movement, caution remains, with value-conscious buyerstaking time to secure the right property. It now takes an average of 60 days for sellers to find a buyer—three days longerthan last year. Additionally, while mortgage rates are lower than their July 2023 peak, the current 5-year fixed mortgage rate of 4.67% is still nearly double the 2.34% from three years ago.

Uncertainties Ahead

With the Autumn Statement looming, there are uncertainties about how potential tax changes, especially regarding capital gains tax, could impact the market. A record number of former rental properties are currently being listed for sale, suggesting more landlords are exiting the market in anticipation of upcoming policy changes.

Source: Property Notify