September’s Property Market Rallies with Early Surge

As the leaves turn and the air gets crisper, the UK property market is heating up ahead of schedule. With September’s property landscape showing an unexpected early surge, the traditionally busy autumn market has arrived sooner than expected. According to recent figures, the average new seller asking price has risen by 0.8%, equating to a £2,974 increase, bringing the typical price to £370,759. This rise is double the long-term average for this time of year, pointing to increased confidence and activity from both buyers and sellers.

Why the Market is Buzzing Early

So, why is the property market seeing a surge in September? A few key factors are at play. Firstly, mortgage rates are finally trending downwards, creating a more attractive environment for movers. With more property options available, potential buyers are jumping at the chance to secure their dream homes before rates climb again or availability tightens.

In fact, the number of sales agreed has risen by a striking 27% compared to the same time last year. This rebound indicates pent-up demand is being unleashed, with more buyers seizing the opportunity to act in the current market. Sellers are responding in kind, with the number of new listings up 14% from last year, the highest volume of available homes since 2014.

A Market with Caution in the Air

While there is a sense of optimism, caution still underpins much of the market’s activity. On average, it is taking 60 days for a property to sell—three days longer than this time last year. This highlights the value-conscious mindset of today’s buyers, who are taking their time to ensure they secure the right home at the right price.

At the same time, although mortgage rates are on a downward trend, they remain elevated compared to recent years. Currently, the average 5-year fixed mortgage rate sits at 4.67%, a welcome drop from July’s peak of 6.11%. However, rates are still nearly double the 2.34% seen three years ago, adding pressure on buyers to make well-timed decisions.

Price it Right or Risk Sitting on the Market

Pricing continues to play a critical role in achieving a sale. Homes that are priced accurately and competitively are attracting swift interest, while those that are overpriced or poorly presented are at risk of sitting on the market for longer. With increased stock available, buyers have more choices than they have in years, making it vital for sellers to remain realistic about pricing expectations.

Looking Ahead to the Autumn Statement

The upcoming Autumn Statement, due on October 30th, looms large over the market. Anticipation is building as to how any housing policy announcements could impact various market segments, particularly with discussions around capital gains tax on the horizon. A growing number of rental properties are being listed for sale, suggesting landlords may be moving to offload assets before potential tax changes take effect.

Autumn Market Tips

For sellers, the current market offers a prime opportunity to sell before the year ends, especially for those looking to capitalise on the recent uptick in activity. However, setting a competitive price and presenting your home in its best light will be key. Buyers, on the other hand, should take advantage of the wider choice of properties and slightly improved mortgage rates—but be prepared to act quickly when the right home comes along.

As we move through autumn, expect the market to remain active, with plenty of opportunities for both buyers and sellers alike. Whether you’re looking to move soon or still weighing your options, this season could be your window of opportunity.

For advice and a complimentary consultation contact Sam Akbay today

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