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What's happening with UK house prices? Latest analysis

House prices soared during the past year, but will this trend continue?

September offers fierce competition between buyers and highest ever house prices...

Months of sky-rocketing buyer activity have driven the average asking price for a home in Britain to a new high. According to Rightmove's September House Price Index, the national average asking prices of newly marketed properties have risen by 0.3% (+£1,091) this month to hit a new all-time high of £338,462.

Despite the usual summer holiday lull, fierce competition continues among buyers for the record low stock available. Buyer demand is continuing to rise - more than double that of pre-pandemic levels. There are signs of more properties coming to market over the Autumn season which will offer more choices for buyers in the coming months. First-time buyers with a mortgage agreed, or those buyers who have sold their properties are in the best position to buy.

This is fantastic news for those of you looking to sell. Although there’s huge buyer demand, currently the number of properties coming to market are still scarce. The current record lows in available stock for sale means that if you list today, your property could be seen by far more buyers than usual. The lack of stock for sale also means buyers could enter into what’s known as a bidding war for the same property, driving prices up further. 

What’s happening to house prices in my area? 

Across the UK there are varying levels of demand. Right now, affordable homes (under £250,000) are in high demand; the average price of a home in Wales is up 9.4% from 12 months ago. In the Northwest of England, property values climbed 6.8%, whilst in the East Midlands, they rose 9.1%. Comparatively, London has seen a more modest growth of just 0.8%.* If you're serious about selling, it may be worth booking in with one of our experts who can value your property, safely and easily.

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Is your home in a property hotspot?

Buyers offered a wider choice as more sellers enter the market

There were promising signs for buyers last month with a 14% increase in the number of new sellers listing their properties.

Autumn is often a busier period for the property market, as many people begin planning to move home in time for Christmas. The intense competition present in this year’s market may also have discouraged some movers and a return to normal is likely to be a good sign.

Across the UK, sellers are still in a favourable position often choosing their pick from a number of bidders so buyers must do what they can to be attractive - including minimising the potential for delays. Many of our agents are reporting the use of tactics such as ‘sell before you buy being very successful. If you're unsure which approach is best to take it's worth speaking with your agent for advice. 

A return to 'normal' amplifies demand

With millions of Britons returning to their respective workplaces there is likely to be a continued desire for people to adapt their lifestyles. Many agents are predicting activity levels will remain high for the foreseeable future.

Final thought...

With the current sky-rocketing buyer activity, record-high prices and record lows in available stock for sale, there’s no doubt that now is a great time to sell. Is the current house price boom sustainable? It's difficult to say. But one thing is clear - if you’ve been on the fence about moving, it’s worth at least finding out how much your home is now worth.

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