The housing market looks set for a buoyant autumn with asking prices shaking off the summer slowdown to rise 0.9% in September.
Asking prices hit £264,875 on average across England and Wales, according to new figures from Rightmove, the first time since 2011 that prices have increased at this time of year.
And a new report from Connells Survey & Valuation, published today, appears to confirm suggestions that the housing market should rebound after a slow summer.
Prices typically fall by around 0.5% in September as the market takes time to gear up again after the summer holidays, said Rightmove director Miles Shipside.
"However, it looks like there are early signs of a bounce-back in demand after the summer lull, leaving those estate agents with a shortage of stock at a potential disadvantage and therefore eager to attract new instructions."
East Anglia saw the biggest monthly increase in asking prices, up 3% to an average of £249,860.
The West Midlands saw the sharpest fall, with prices down 1.8% to an average of £194,077.
London prices edged up by 0.9% over the month to an average £557,792, a rise of 13% on one year ago.
The West Midlands is the only region where asking prices fell over the last year, down 0.7%.
John Bagshaw, corporate services director at Connells, said the housing market is on a steadier and more sustainable track, despite a 4% drop in valuations in August.
"Initial signs are positive for September and, barring unforeseen financial wobbles, the housing market is set for solid and sustainable progress through the autumn and into the New Year."
First-time buyers represented 30% of all valuations in August, the largest single source of activity, Connells figures show.
Buy-to-let was the only section of the housing market where activity was higher than a year ago, up 2% compared to August 2013.
This comes after a 29% increase in the number of valuations for buy-to-let purposes between July and August, Bagshaw said.
Comments