Asking prices have risen 0.9 per cent in the past month according to Rightmove, in the first September increase since 2011.
The portal says the asking prices of property coming to market this month are up by £2,474 - a sharp contrast to the average change in September (a fall of 0.5 per cent) recorded by Rightmove over the past 10 years.
Enquiries sent to agents are good lead indicators of demand and Rightmove claims to have generated over four million enquiries in August, the second highest level ever recorded, with only January this year being marginally higher. Enquiries from mobile devices are up by 45 per cent this August compared to last.
There are early signs of a bounce-back in demand after the summer lull. While there is more property coming to market this year, it has been more than swallowed up by increased sales. There is already 10 per cent less property available per estate agency branch compared to this time a year ago, and with enquiries by phone and email to agents up by 16 per cent compared to August last year, you can see why there has been an earlier than usual price pick-up says Rightmove analyst Miles Shipside.
However, the average time to sell across all England and Wales has risen slightly from 64.3 days a month ago to 65.8 days now. Time to sell in London has risen more dramatically from 45.3 days a month ago to 49 days now.
Annual asking price changes range from a rise of 13 per cent in London to a drop of 0.7 per cent in the West Midlands, indicating how divided the market remains. The largest increase by property type has been for flats and apartments, with asking prices some 13.4 per cent more now than a year ago; semi-detached houses are 7.2 per cent higher.
With only four days to go to the Scottish independence referendum, the portal forecasts that a Yes majority will create uncertainty in the market.
Even the very debate around independence and possible implications for the economic outlook for the rest of the UK could cause uncertainty in the minds of potential home-movers. Speculation amongst economic forecasters on topics such as upwards pressure on interest rates, availability of wholesale funding for lenders, and the geographic location of major financial institutions are potentially destabilising influences says Shipside.
Comments