This represents a ‘strong rebound compared with last year’s more subdued market’, added the property portal, according to Rightmove’s data.
It also noted that the number of potential buyers contacting estate agents is up 15% over the year, while supply of property has risen too.
The average number of available homes for sale per estate agency branch is at its highest since 2014, at 33.
Asking prices rise
Asking prices are up by 0.8% in September (+£2,974) to £370,759, said Rightmove, more than double the long-term average rise for the month.
A combination of lower mortgage rates, more property choice for buyers and rising earnings are all contributing to the strong Autumn housing market.
Tim Bannister, Rightmove’s director of property science, explained: “The autumn action has started early with a strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected summer market.
“However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease.”
Uncertainties remain
Despite the strong figures, there are signs that the market is still cautious and price-sensitive, according to the property portal.
The average property is taking longer than last year to find a buyer, at 60 days. This suggests that homes priced accurately will quickly find a buyer, but ‘overpriced or poorly presented homes may languish on the sidelines’.
It’s also true that mortgage rates are still high, despite having come down in recent months.
Rightmove’s weekly mortgage tracker shows that the average five-year fixed rate is now 4.67%, lower than the peak of 6.11% in July 2023, but still nearly double the 2.34% of three years ago.
