The latest Rightmove House Price index shows that: – 

●        Price of property coming to market jumps by 1.8% (+£5,983) this month, the biggest rise at this time of year since October 2015
                

●        Market delivers a ‘full house’ for first time since March 2007, with price records in all regions of Great Britain and in all property market sectors (first-time buyer, second stepper and top of the ladder)
                             

●        Strong housing market fundamentals and a window of opportunity to buy before a potential interest rate rise keep activity robust despite end of final stamp duty incentive:
                                 

●        Number of sales being agreed was up 15.2% in September, versus 2019’s ‘normal market’ comparison
                                     

●        Number of new properties coming to market ticks up compared to summer, but not enough to satisfy strong autumn demand from buyers

From James Lockett From ProperPR

Director of Benham and Reeves, Marc von Grundherr, commented:

“We’ve seen a second wave of activity hit the market in the wake of the stamp duty holiday as those who refrained from the chaotic market conditions seen over the last year now decide to take the plunge. 

With the market remaining particularly buoyant, those entering with a property to sell are pricing high and this has caused yet further growth where asking prices are concerned. While initial asking price expectations are perhaps a little over-optimistic, to say the least, a lack of stock to satisfy demand means that homes are selling fast and for a very good price. 

We’re certainly starting to see stronger signs of a London market revival. House price growth across the capital has remained fairly muted in contrast to the rest of the nation but a return to the workplace and the return of foreign interest is starting to drive the market forward. 

Don’t be surprised to see London regain the property price growth top spot before the year is out.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“Instead of stumbling over the hurdle of a final stamp duty holiday deadline as many predicted, the market has posted an incredibly strong performance with asking prices climbing across every region.

We’re now seeing definitive proof that while the stamp duty holiday may have acted as a starting pistol where the property market revival was concerned, the race certainly hasn’t been run and this strong upward growth is unlikely to dissipate anytime soon.

While it seems too soon to talk about Christmas, it won’t be long before it arrives and while many will be eying the New Year with regard to selling their home, now is the time to get your house in order so that come the 1st January you’re on the market and attracting interest.”

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“This latest market performance may come as a surprise to some but we are heading into what is traditionally a very busy period for the housing market and we can expect to see more of the same as the end of the year approaches. 

Of course, the question is how long it will last and the answers to that question lie with the Bank of England’s Monetary Policy Committee. Should the decision be made to threaten our economic recovery with an increase in interest rates, we could the housing market slow considerably.”