Rightmove.co.uks September House Price Index reports a slowdown in asking prices during the Summer period, yet predicts the Autumn will see a re-surgence in asking prices causing an increase in its 2013 forecast.
Key Facts:
- Average asking price down -1.5% since August but +4.5% over the past year.
- The average asking price is therefore £245,495
- A price slowdown during Summer has continued as discretionary sellers are distracted by the hot weather. Those unable to wait seen as driving a fall in asking prices to get property moving.
- Fall in new seller numbers, down by 9% on last month – the lowest since February 2013
- The fall in new listings and rise in search activity is seen as the driver for an autumn price surge as demand increases against supply
- Raises in 2013 forecast again from 4% to 6% as supply and demand imbalance grows
Miles Shipside, Rightmove director and housing market analyst comments:
“New seller activity has fallen again this month and the lower volumes of property coming to market over the summer have resulted in price drops that seem counter-intuitive given that buyer demand is holding up. Improving buyer activity appears to have become even further out of sync with sellers’ appetite to come to market during the summer heatwave.”
“The autumn market is set to heat up as the weather cools down following the summer lull
in fresh property supply. While prices fell during the month overall, the last couple of weeks have seen the start of a turnaround, with more sellers choosing to come to market and pitching at higher prices as momentum rebuilds”.
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