🏡 UK Property Market Update: September Brings a Small Autumn Lift, but Competition Remains High
The latest Rightmove House Price Index shows a modest improvement as we move into the autumn market.
Nationally, average asking prices rose by 0.7% in September, taking the average asking price to £367,440. This is the first monthly increase since May and slightly higher than the usual September rise. However, asking prices are still 0.8% lower than this time last year, so this should be seen as a seasonal recovery rather than a major change in the market.
More Choice for Buyers
One of the biggest pressures on sellers remains the amount of stock available.
The number of homes currently for sale is at a 12-year high for this time of year, while buyer enquiries are 9% lower than a year ago. This means buyers continue to have plenty of choice and can afford to be selective.
Mortgage affordability has also become slightly more challenging, with the average two-year fixed rate increasing to 5.29%, up from 5.09% last month.
Across England, excluding inner London:
- First-time buyer homes: -0.1% month-on-month
- Second-stepper homes: +0.9% month-on-month
- Top-of-the-ladder homes: +0.9% month-on-month
North Yorkshire Focus
Regionally, Yorkshire & The Humber performed more strongly than the national average:
- Average asking price: £259,162
- Monthly change: +1.3%
- Annual change: +0.2%
- Average time to find a buyer: 64 days
Across DL7-DL11, we are seeing a little more activity now that the summer holidays are over, but the market remains extremely price sensitive.
There are buyers looking, and sales are being agreed, but there is still a lot of property competing for their attention. Homes that are priced too optimistically are taking longer to sell and often require reductions before generating meaningful interest.
Final Thoughts
September's figures are encouraging, but they do not signal a suddenly strong market.
There is still considerably more choice for buyers, affordability remains stretched, and pricing correctly from the outset is more important than ever.
Rightmove reports that 74% of homes sold so far this year were priced correctly from the beginning and did not require a reduction.
For sellers across DL7-DL11, our advice remains simple: only list when you're genuinely ready to sell, price according to today's market and make sure your home stands out from the competition.
For buyers, there is plenty of choice. If you find a home you love, make an offer rather than waiting for a reduction. You never know where a conversation might lead.
If you're thinking of a move in the near future, get in touch with our Sales Team for any advice: 01748 834373