September nearly always sees an increase in asking prices from August, but this year’s increase of 0.8% is double the long-term average according to the new data from Rightmove https://www.rightmove.co.uk/

This rise in prices beyond the usual seasonal norm has been driven by a strong recovery in activity this summer when compared with the more subdued market at this time last year.

The latest figures show that the average price of property coming to the market for sale is up 0.8% this month or £2,974.

The busier Autumn market has arrived

It appears that the traditionally busier Autumn market has arrived earlier than usual, with many buyers and sellers spotting a window of opportunity to act – this has also been supported by the falling mortgage rates.

However, despite some of the strong headline figures this month, beneath the surface the market remains cautious. Pricing correctly is still proving to be a key to a successful sale. There are still some uncertainties ahead, including which section of the market could be affected by announcements in October’s Autumn statement and, on a positive note the timing of a second Bank Rate cut which may happen as early as this week.

Rightmove’s Tim Bannister said: The Autumn action has started early with a strong rebound from both sellers and buyers compared to the subdued market we were seeing 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 need a momentum of good news to stay open, and there are still some uncertainties ahead”

Sales agreed is up by 27%

The number of sales being agreed between buyers and sellers is up by 27% compared to the same time in 2023 – the number of buyers contacting agents is also up by 15% compared with this time last year.

Buyer choice has been improving, and the average number of available homes for sale per estate agency has increased – this is a result of a 14% increase in new properties coming to the market for sale compared with last year, but there still isn’t a glut of homes for sale. This figure is only up by 3% when compared with the more normal pre-pandemic 2019 market.

The average property is taking 60 days to find a buyer on average which is three days longer than this time last year in even better market conditions. This suggests that value-conscious buyers are taking their time to find the right home at the right price, leading to a two-speed market.

Attractive homes priced accurately

Attractive homes priced accurately are likely to be met with interest from buyers quickly. Additionally though the downward direction of mortgage rates is welcome for mover sentiment.

Rightmove’s weekly mortgage tracker shows that the average 5-year fixed rate is now 4.67%, which is much lower that the peak of 6.11% in July 2023. While some can afford to move and are seizing the current window of opportunity to act, others will still need to wait for mortgage rates to reduce and affordability to improve further.

Bannister added “early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Homeowners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic though and they must price competitively to sell.

Busy August market

David Phillip commented “before the election the market slowed down, however, this August was the busiest we have seen for a number of years’ and we are seeing more sellers coming to market. There is a positive sentiment amongst buyers and sellers. Houses need to be priced correctly to achieve a quick sale and are hopeful that there will be a good run in autumn and in the run up to Christmas”.

If you are considering selling your home and are looking for a potential January house-move then now is a great time to think about marketing your property. If you would like a free market- appraisal, choose an estate agent selling houses in North Leeds -  call David Phillip FRICS on 0113 4676 400

David Phillip Estate Agents 86, Leeds Road, Bramhope, Leeds, LS16 9AN https://davidphillip.co.uk/

Covering Leeds, North Leeds, Bramhope, Pool-in Wharfedale, Adel and Cookridge