As always, there was a slight summer lull this year, but the property market is now showing signs of strong activity, according to Rightmove.
House prices have risen by another 0.9% month-on-month in September and asking prices have reached a whopping £264,875 average across England and Wales. Rightmove say this is the first time that prices have jumped at this time of year since 2011.
Typically, asking prices decrease by around half a per cent in September, as the housing market usually takes some time to get back into full swing after the sleepy summer holidays. This year, however, is proving to be different and the market has picked up much earlier than normal.
Miles Shipside, director of Rightmove, claims that potential buyers are normally in “holiday mode” in September, but this year is showing an early “bounce-back” with a high demand from hopeful home movers.
London home prices saw a rise of 0.9% over the month, reaching an average of £557,792. Asking prices in the capital remain 13% higher than this time last year, showing the largest yearly increase of all the regions.
The only area showing a slight decline in house prices is the West Midlands, which has recorded a 0.7% decrease.
As a result of this increased demand this autumn, many estate agents have a shortage of properties on their books and are at a potential disadvantage. At eMoov, however, we have many homes for you to choose from – and you’ll save on those hefty estate agents’ fees, too.