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House prices back on the up

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/02/2024

UK house prices rose by 0.9% in September, according to Rightmove, taking the average property price to £309,122.

The increase follows two consecutive falls in July and August, following the Brexit vote.

Supply shortage

The six northern regions of the country, including North West, North East and Yorkshire, saw an 11% fall in the total number of houses available for sale.

However, the south of the country, including greater London, the South East and the South West, experienced a 16% rise in available stock for sale, despite the number of agreed sales down across all four regions by 10%.

Miles Shipside, Rightmove director and housing market analyst, said: “Agents in the northern half of the country reported a quiet week or two after the surprise result of the Brexit vote, but most then saw a quick return to good levels of buyer enquiries and subsequent sales agreed.

“In contrast many in the southern regions saw more prolonged hesitancy among buyers, with it taking until September before a marked pick-up in activity.”

Looking forward

Shipside is optimistic that this months figures indicate a continued upward trajectory in the price of property in the market but said there was still work to be done to maintain the momentum for the coming months.

“While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal. If sellers fail to take this into account, then buyers will choose to buy elsewhere or bide their time,” he said.