Key takeaways from September’s Home Worth Index:
- The common asking value of a house has risen by 0.4% this month, to £370,257
- Nonetheless, costs at the moment are 0.1% beneath this time final 12 months – the primary annual fall since January 2024
- The south is driving this year-on-year value dip, with London and southern areas seeing the most important common value falls
- Regardless of stress on costs, gross sales agreed are nonetheless operating 4% greater than final 12 months
September has seen the primary month-to-month value rise since Might, with common asking costs nudging up by 0.4% (+£1,517). Nonetheless, costs are barely decrease than a 12 months in the past, down 0.1% after a summer time of aggressive pricing.
Our property skilled, Colleen Babcock, explains: “We count on to see a slight uptick in new vendor asking costs in September, with the normal back-to-school season boosting exercise heading into autumn. This 12 months’s 0.4% rise is a bit beneath the long-term common of 0.6% for this time of 12 months.”
The excellent news for sellers is that exercise stays sturdy: gross sales agreed are up 4% on final 12 months, displaying that well-priced houses are persevering with to seek out patrons.
Regional variations are shaping the market
The housing market can differ rather a lot primarily based on whereabouts you might be in Nice Britain. For instance, costs within the South West are 1.3% decrease than a 12 months in the past, whereas the North West has seen a 3.2% rise. These variations replicate the steadiness of provide and demand in every space – fewer houses on the market and extra patrons making enquiries can push up home costs in an space, whereas elevated provide and decrease demand can imply home costs fall.
In some components of the south of England, extra houses are coming onto the market: up 9% year-on-year, in contrast with solely 2% elsewhere. That additional selection means patrons can take a bit extra time, whereas sellers want to cost competitively to face out, and houses are additionally taking barely longer to discover a purchaser in these areas. In contrast, in locations the place provide is tighter, equivalent to components of the Midlands, the North, Wales, and Scotland, well-presented houses proceed to maneuver extra rapidly. Verify how lengthy houses are taking to promote in your space in our full Home Worth Index.
Importantly, exercise continues to be holding up: throughout the south, gross sales are 3% greater than this time final 12 months, with an excellent stronger 5% uplift exterior London and the South East.
Wanting forward: what might occur with the Autumn Finances?
One issue that might form the market within the coming months is the Autumn Finances. Hypothesis round doable property tax modifications is including a layer of uncertainty, notably for higher-value houses. Colleen notes: “Rumours of property tax modifications started swirling in mid-August, and with the Finances itself not arriving till the top of November, this type of prolonged uncertainty can have an effect on market exercise, particularly within the greater value brackets. Movers need to be assured in planning their prices.”
If stamp responsibility thresholds had been to alter, London would really feel the most important affect, with almost six in ten gross sales above £500,000. In different components of England, the share is decrease, and simply 8% within the North East. You may learn extra concerning the rumoured property tax modifications right here.
What native consultants are seeing
Matt Giggs, founding father of The Giggs Group in Cambridgeshire, says: “Sellers who decreased their value expectations over the summer time at the moment are creating extra life like circumstances for gross sales, which is holding issues shifting. We’re discovering that well-presented, competitively priced houses are nonetheless attracting sturdy curiosity, and the excessive selection of houses on the market can be encouraging patrons.”
Matt Thompson from Chestertons feedback on London: “Over current months, the dynamics of the capital’s property market have shifted, with some boroughs not experiencing the exercise or value progress historically related to a world metropolis. Whereas this has required patrons and sellers to regulate their method, it has additionally created alternatives for home hunters to entry houses that had been beforehand out of attain.”
Excited about your subsequent transfer?
Whether or not you’re trying to purchase a house in right this moment’s extra buyer-friendly market, or on the point of promote, there are instruments to information you. You may verify what’s on the market close to you, discover out what houses close to you might have bought for, or discover out what your house is perhaps price. No matter stage you’re at, we’re right here to assist.
