Monthly UK House price stats – September. The start of the Autumn selling season is upon us and the September stats are in!
Nationally, new seller asking prices are up by 0.7% (matching the average for September since 2011), against a fall in August of 2.3%, bringing the average UK property price to £304,601. Here is the South West, things have dipped slightly by 1.1%, bringing the average house price here down to £303,886. The average time to sell here in the South West is still one of the lowest nationally though at 58 days. The change in asking prices varies across market sectors* with a 0.7% increase in the first time buyers sector and 0.9% increase at the top of the ladder being contrasted by a 0.1% fall in the ‘second stepper’ sector. An illustration of stretched affordability in the ‘squeezed middle’ perhaps.
In accordance with the usual trend at this time of year, after the distractions of summer, there is an increase of properties coming on to the market during the start of the new school year with new instructions up nationally by 16% in the first week of September, compared to the average during the final 3 weeks of summer. This increase in property is good news for buyer choice after the relatively slow market over the summer.
September has also seen some tentative signs of a recovery in the London market which has suffered since its most recent peak in 2016, with prices softening by around 15% since then. Whilst we understand that the London market is very different to that in the rest of the country – it is often a catalyst for movement in the UK market as a whole. Miles Shipside, Rightmove director and housing market analyst comments: “It’s been a hard and rocky road to recovery at the upper end of the London market, taking two successive years of price falls. London is a barometer and sometimes a catalyst for rises and falls in the rest of the UK housing market’.
We would expect to see a rise in the number of sales agreed over the coming month as fresh properties bring renewed interest from buyers. As is usual at this time of year, the emphasis will be on trying to get everything tied up in time for Christmas. There may well be some extra potency to this year’s ‘Autumn Spike’ pending our impending exit from the EU which is likely to have an effect on the 2019 Spring market.
The market is behaving as we would expect it to at this time of year. If you are thinking about selling, especially if you would like to move Pre-Christmas, we would encourage you to get in touch with your local branch without delay for more information and to book your free, no obligation valuation. If you are planning to buy, make sure you get to know about new properties to the market and price reductions before the portals by registering with us.
*Market sectors explained:
First-time buyer: This figure represents the typical property a first-time buyer would purchase, covering all two bed properties and smaller that come to market (houses and flats).
Second-stepper: This figure represents the typical property of a person moving from their first home, covering all three and four bed properties that come to market (houses and flats) excluding four bed detached houses.
Top of the ladder: This figure represents asking prices at the top end of the market, covering all five bed properties and above (houses and flats), as well as four bed detached houses.