Rightmove HPI September

Asking prices for houses in England and Wales saw their biggest rise in the month to mid-September for 13 years as cheap borrowing and a lack of properties on the market led to market “extremes”.

According to the Rightmove HPI  overview, the price of property coming to market continues to rise at a time of year when historically there should still be a holiday-season pause. The average increase of £2,550 (+0.9%) is the largest rise in the month of September since 2002, and has resulted in a new national record of £294,834. This is 0.1% higher than the previous peak in July of this year.

The asking price for homes rose 0.9 percent, or £2,550, the biggest increase for the September period since 2002 — to a new record high of £294,834 according to a survey by Rightmove.

 

Price of property coming to market this month hits new national record, up 0.9% to £294,834, as demand is fuelled by cheap borrowing yet supply is limited by some home-owners’ reluctance to move

Property-rich getting richer:

Top 15 highest-priced counties all rise in price this month, by double the national average at 1.8%

These counties are all in the higher-priced southern regions which have all risen this month, driven by supply shortages with fewer home-owners selling

The lower-priced northern regions all fall, reducing would-be sellers’ ability to raise adequate funds to move and exacerbating supply shortages

New seller numbers are down on same period last year in both the north (-4.9%) and the south (-7.1%)

To see Rightmove HPI report in full: http://www.rightmove.co.uk/news/house-price-index

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

how to present your property for sale
Estate Agent Talk

6 Property Management Marketing Strategies For And Beyond

Did you know that over 70% of individual renters find their new homes on the­ internet? In our current digital e­ra, a sturdy online existence­ isn’t just an extra for property management firms—it’s a critical need. Nonethele­ss, with innumerable property administrators scrambling for visibility, how might your firm gain promine­nce? The solution is a de­tailed…
Read More
Estate Agent Talk

Strategies for Successful Real Estate Investment: Emphasising Luxury and Privacy

The appeal of luxury real estate lies in its ability to combine opulence with exclusivity, offering more than just a property but a lifestyle investment. For those seeking to enter this lucrative market, understanding the nuances of where and how to invest is crucial. As we navigate through key strategies for successful real estate investments,…
Read More
Estate Agent Talk

Leasehold and Freehold Reform Bill – Thoughts from the Industry

The Leasehold and Freehold Reform Bill has become law with the Act making it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges. The Act will also remove barriers for leaseholders to challenge their landlords’ unreasonable…
Read More
Who are Rentd
Letting Agent Talk

Renters (Reform) Bill Dropped – Thoughts from the Industry

The Renters (Reform) Bill has been dropped as a result of the general election being called. Here are some thoughts from within the property industry. Ben Beadle, Chief Executive of the National Residential Landlords Association: “It is hugely disappointing that this Bill will not now make it into law. The news comes despite the fact that…
Read More
Estate Agent Talk

July 4 General Election – Thoughts from the Industry

Prime Minister, Rishi Sunak has called a general election for July 4, 2024, citing now being the time for the people of Britain to choose the next government. Here are some thoughts from within the property industry. Tim Bannister, Rightmove’s property expert: “A look back at recent elections shows that house prices and activity usually…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read More