September has brought a mix of developments in the UK property market, impacting buyers, sellers, landlords, and renters. With mortgage rates beginning to stabilise and significant legislative changes underway, it's essential for everyone to stay informed.
In September, UK house prices surged by nearly £3,000, as reported by Rightmove. The average asking price for a home increased by 0.8%, reaching £370,759. This rise is notably higher than the long-term average increase for this time of year, which is typically around 0.4%.
Factors contributing to this boost include the recent drop in mortgage rates, an increase in available properties, and faster growth in household earnings relative to inflation and house prices.
Here’s an overview of the key trends shaping the market, along with some practical tips for navigating these changes.
For prospective buyers, there is some relief as mortgage rates are falling and the market is slowly adjusting. First-time buyers, in particular, might now find more affordable entry points. However, despite this positive trend, there are still some uncertainties ahead. These include potential changes in the Bank of England’s base rate and upcoming announcements in the October Budget.
Shop Around for Mortgages: With more competitive mortgage products becoming available, it’s wise to compare offers and speak with a mortgage broker. Fixed-rate deals can provide peace of mind, especially with economic uncertainties still lingering.
Check Your Long-Term Affordability: Ensure your monthly mortgage payments will be manageable, even if your circumstances change. While interest rates are decreasing, affordability checks by lenders remain strict, so plan conservatively.
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The time to sell a property has increased, according to Rightmove, with average homes now taking around 60 days to sell. Buyers are being more deliberate in their choices. This means sellers need to be patient and make sure their properties stand out in a competitive market.
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Focus on Presentation: Staging your home well can significantly improve its appeal. Invest in minor repairs, fresh paint, and professional staging if possible. First impressions count, and well-presented homes tend to sell faster.
Price to Market Conditions: Avoid overpricing. Properties that are priced too high can languish, leaving you frustrated.
Be Flexible with Viewings: Make your property accessible for viewings by accommodating various schedules. The easier it is to view your home, the faster you’re likely to attract serious buyers.
For sellers interested in tracking house prices, several sources provide valuable insights:
Halifax publishes a monthly house price index based on its mortgage data.
The Office for National Statistics (ONS) uses data from the Land Registry to offer the most accurate measure of house prices, though it has a three-month delay.
Nationwide and Zoopla also track house prices. Nationwide reported a 0.2% decrease in August but a 2.4% annual increase, with average prices at £265,375. Zoopla's data showed a 0.5% rise in July, with average prices now at £266,400.
Each of these sources uses different methods to track prices, so it’s beneficial to consider them all for a comprehensive overview of the market.
For property in Purley, Croydon & Surrey, Shinerocks is best placed to offer information on house prices, tips and advice. Please do call us on 020 8660 2010 or email enquiries@shinerocks.co.uk.
September 2024 sees a mix of cautious optimism and continued challenges in the UK property market. Falling mortgage rates provide some relief for buyers, while sellers need to adjust to longer sale times.
Shinerocks are your local estate agents in Purley, Croydon & Surrey. We are delighted to bring you our property market updates each month.
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You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
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