(Alliance News) - House prices rose in September with the traditional autumn rebound in activity starting early, a report on Monday showed.
According to Rightmove's House Price Index, average new seller asking prices rose by 0.8% in September to GBP370,759.
September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels, the online property portal stated.
"The traditionally busier autumn market appears to have started early, with many movers spotting a window of opportunity to act as mortgage rates trend downwards and property choice increases," Rightmove said.
The report showed the number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released.
The number of new sellers is up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014, Rightmove noted.
The report did strike a note of caution, noting it currently takes an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year.
Rightmove’s Director of Property Science Tim Bannister said: "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."
He cited the "certainty of a new government" and the first interest rate cut in four years as reasons behind an invigorated market, "opening a window of opportunity for movers to act".
By Jeremy Cutler, Alliance News reporter
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