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British home sellers raised their asking prices in September for the first time since May, offering a modest sign of improvement in the UK property market after a subdued summer, according to property website Rightmove.
The average asking price for homes newly listed for sale increased 0.7% between August 9 and September 12. The rise was slightly stronger than the typical monthly increase for this time of year and followed a sharp 2.0% decline during the previous four-week period.
Despite the monthly recovery, UK property prices remained under pressure on an annual basis. Rightmove said asking prices were 0.8% lower than a year earlier, improving slightly from the 1.0% annual decline reported in August.
Housing supply also continued to rise, with the number of properties available for purchase reaching its highest level in 12 years. The increased choice for buyers could limit sellers’ ability to push prices significantly higher, particularly as demand remains weak.
Buyer enquiries were 9% lower compared with the same period last year, highlighting continued caution among prospective homeowners.
“September’s above-average price rise is a welcome sign of confidence after a particularly subdued summer, but it should be viewed as a modest recovery,” Rightmove property expert Colleen Babcock said.
Higher mortgage rates remain another challenge for the UK housing market. The average interest rate on a two-year fixed mortgage climbed to 5.29%, up from 5.09%, increasing borrowing costs for households looking to purchase or refinance property.
The rise in mortgage rates comes amid broader pressure on borrowing costs linked to the ongoing Iran war, with little indication that the conflict will end soon.
While September’s increase in asking prices suggests some sellers are becoming more confident, the combination of elevated mortgage rates, weaker buyer demand and a 12-year high in housing supply could continue to constrain the UK property market in the coming months.
