Property Asking Prices Still Down, Rightmove Says

As UK rents rise at record price, asking prices in the sales market are not keeping pace with their normal September levels, according to Rightmove

Alliance News 18 September, 2023 | 9:54AM
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Housing estate

The average UK new seller asking price in September was "lower than is usual" for this time of the year, according to data from Rightmove on Monday.

The Rightmove House Price Index showed the average new seller asking price increased by 0.4% month-on-month, or £1,386, in September to £366,281. This was "lower than is usual" for this time of year, the property portal noted.

On an annual basis, prices fell 0.4% in September. Rightmove said this was the biggest drop in prices since March 2019 and meant prices are still on track to meet its prediction of a 2% fall over the year as a whole.

"The combination of 14th consecutive Bank of England interest rate rises and many buyers and sellers still catching up on lost pandemic holidays has contributed to a bigger than expected summer lull, though we still anticipate an autumn bounce," said Tim Bannister, Rightmove's director of property science.

Rightmove noted that the number of new properties coming to market jumped by 12% in the first week of September when compared with the "unusually low" average weekly number through August.

"As we enter a key selling season, more people who have been thinking about what they need from a home and where they want to be living next year and beyond are taking action and coming to market," he said.

"Plenty of sales are being agreed for properties that are priced at the right level, and those that are selling are still taking five days less than at this time in 2019. We're also seeing the number of fall-throughs decline as market conditions and mortgage rates stabilise."

By Heather Rydings, Alliance News senior economics reporter 

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