You are here: Home - Mortgages - First Time Buyer - News -

Asking prices inch up in September

Written by: Christina Hoghton
The asking price of property coming to market has risen by a national average of 0.7% (+£2,088) in September, according to Rightmove.

The property portal noted that the national annual rate of increase remains muted at 1.2%, but said there are some positive signs for the Autumn market in regions where affordability and sentiment are good.

But it warned that stretched buyer affordability or negative market sentiment in other regions are limiting price growth.

Miles Shipside, Rightmove director, said: “Buyer affordability has been increasingly stretched by seven years of national average property price rises outstripping buyers’ average wage inflation. However in London, after asking prices rose by over 50% between 2011 and their peak in 2016, there have been two years of subsequent price falls in parts of the capital. Now, there are signs that these price reductions in parts of London have led to an upturn in buyer activity as sentiment improves.”

Regions on the rise

Some regions have experienced average annual rises of at least 4%: the East Midlands (+4.7%), Wales (4.6%), West Midlands (+4.5%) and Yorkshire & the Humber (+4.0%).

At the other end of the scale, there have been year-on-year price falls in the North East (-1.1%), London overall (-0.5%) and the South East (-0.1%), with the East of England just reaching positive territory at +0.3%.

Shipside added: “Buyer affordability ratios were not stretched to the same degree in the Midlands and the North than they were in the South, with a comparatively modest average price increase of 21% since 2011. That’s left some price momentum fuel still in the tank in these regions, and means that the current momentum has the mileage to carry on into this Autumn.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week