September sees modest rise in UK asking prices amid crowded market
As September progressed, the average asking price for UK homes rose 0.7% month-on-month, the first increase since May, while sellers face a record-high supply.
Rightmove reported that September’s average asking price rose 0.7% to £367,440, marking the first monthly increase since May and exceeding the decade-long September average of 0.5%. The rise follows a quiet summer shaped by heatwaves and the World Cup, but prices are still 0.8% below the previous year and 2.3% down from the start of the season. The market is unusually crowded, with listings at a 12-year high for this period, while buyer affordability is strained as fixed-rate mortgages climb despite the Bank of England keeping its policy rate at 3.75%.
Property experts highlighted the importance of setting realistic prices and offering high-quality finishes, noting regional variations: 91% of Scottish homes find buyers versus less than half in London. Mortgage specialist Matt Smith warned that ongoing rate volatility could dampen buyer enthusiasm, and agents emphasized that proper pricing and presentation remain crucial for sellers to stand out.
Why it matters
Homebuyers and sellers need to adjust expectations as UK prices rise modestly but inventory and mortgage costs stay high.
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