Asking prices for homes going onto the market have increased by 0.8% in September according to Rightmove, which also revealed the number of new sellers has risen too.
According to the property website, the increase in the average asking price is equivalent in cash terms to £2,974.
And Rightmove has also seen an earlier-than-usual flurry of activity. Autumn, it said, is often a busy time for the property market but the season has started early.
It attributed this to movers spotting a ‘window of opportunity’ as mortgage rates have been falling.
As such September’s price increase is double the long-term average, said Rightmove.
It has reported the number of sales being agreed rising by 27% year on year. What’s more, the number of new sellers is up by 14% on this time last year.
Rightmove said the average number of available homes for sale per estate agent was at its highest since 2014.
However, it is currently taking an average of 60 days for sellers to find buyers, which is three days’ longer than in the ‘more subdued’ market this time last year. Rightmove suggested buyers had become more ‘value conscious’ and were taking their time to locate the right home.
Tim Bannister, director of property science at Rightmove, said: “The autumn action has started early with a strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected summer market.
“The certainty of a new government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act. Some of this will be pent-up demand from those who had to hit the pause button until now.
“However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease.”
