Potential ‘autumn bounce’ for housing market as asking prices jump in September

September is traditionally a busier period for the housing market as people return from summer holidays, Rightmove said (Yui Mok/PA) PA Archive Vicky Shaw 8 minutes ago Hints of an “autumn bounce” were seen in the housing market in September, as the average price tag on a home increased month on month for the first time since May, according to a property website.

The average price of a home coming on the market increased by 0.7% or £2,441 month on month in September, Rightmove said.

Across Britain , the average price tag on a home in September is £367,440, it added.

Rightmove’s map shows average asking price changes across Britain (Rightmove/PA) This September’s asking price bounce is bigger than the average for the month over the past 10 years, at 0.5%.

September is traditionally a busier period for the housing market as people return from summer holidays, Rightmove said.

It added that heatwaves and the World Cup also created conditions for a particularly quiet summer this year, giving some potential scope for a bigger rebound.

But typical prices remain 0.8% below a year earlier, and 2.3% lower than the start of the summer.

Rightmove also said it is a challenging and crowded market for sellers, with the number of homes available on the market for sale at a 12-year high for the time of year and buyer affordability still stretched.

The Bank of England kept interest rates unchanged at 3.75% last week – but average fixed mortgage rates have still been increasing in recent weeks amid rises in swap rates, which are used to price mortgages.

Finance experts said last week that fixed mortgage rates are influenced by financial markets’ expectations for what will happen, adding that home buyers are expected to be cautious and price-sensitive in the months ahead.

Rightmove said buyer demand is below this time last year as buyers grapple with affordability challenges.

Colleen Babcock, property expert at Rightmove, said: “Property prices have largely underperformed against the long-term average this year, but September is an exception.

“While buyers and sellers are returning to the market after the summer holidays to potentially fuel an autumn bounce, sellers face stiff competition from a 12-year high number of other homes for sale.

Streeting joins military at Battle of Britain service at Westminster Abbey