Rightmove’s House Price Index showed average asking prices were 0.8% higher, or £2,974 more, than in August. 

Annually, asking prices were 1.2% up on average. 

The firm said asking prices were supported by a rise in activity levels, with the number of sales agreed up 27% year-on-year. 

There appeared to be more confidence among homeowners too, Rightmove suggested, as there were 14% more new sellers than the same month a year ago. Its data also showed that the number of available homes for sale at each estate agent branch was at its highest level in 10 years. 

 

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Rebounding activity  

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.” 

 

Hesitation despite better market conditions 

Rightmove said improvements in earnings, property choice and lower mortgage rates had resulted in the busier autumn market arriving earlier than usual. However, the firm said buyers and sellers were still cautious. 

According to the firm, the average five-year fixed mortgage rate is 4.67% and while this is lower than the recent peak of 6.11% in July 2023, it is still nearly double the 2.34% average seen around three years ago. 

It said people might also be waiting to see what announcements are made in the Autumn Statement on 30 October and the possibility of another base rate cut. 

Rightmove suggested this caution in the market was evident by the fact it took 60 days on average for a seller to find a buyer in September. This was three days longer than the more subdued market during the same period in 2023. The firm said “value-conscious” buyers were taking their time to find “the right home at the right price”. 

Bannister said: “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 and must price competitively to sell.   

“With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price. There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.”