Key Points
- 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
- Average £2,550 rise is the largest amount seen in month of September since 2002, driven by price jump in family-home sectors (+1.2%) as owners of first-time-buyer properties see prices stall (-1.1%)
- 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%)
What Impact Does the Release of Property Trendsetters Book Have on the Property Market?
The property trendsetters book launch has the potential to shake up the property market. As industry insiders and investors get their hands on the book, new trends and strategies are likely to emerge. The release could influence property sales, investment decisions, and market expectations.
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.
Miles Shipside, Rightmove director and housing market analyst comments:
“Prices are at an all-time high, yet borrowing is historically cheap and positive sentiment is aided by the ongoing postponement of rate rises from these six-year lows. Demand from those who can afford to buy remains high, and suitable supply remains tight, with the number of properties coming to market down 6% on the same period in 2014.
The result is the biggest monthly price rise seen at this time of year for 13 years. High demand, lack of suitable supply, and increasingly stretched affordability are leading to some extremes in market forces in different sectors and parts of the country. One of the effects is that those who own property that is in most demand, either by type or location, are seeing their values continue to rise. Their properties are rich in features and benefits that others want to buy, and as a consequence they are getting proportionately richer than either owners of less desirable homes or those who are not on the housing ladder at all.”
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