House prices up by 0.9pc
The average change for September over the last ten years has been a fall of 0.5%, so this bucking of the trend heralds a quicker than usual upturn as autumn’s market gets going after the summer holiday downturn.
Enquiries sent to agents are good lead indicators of demand and Rightmove generated over 4 million enquiries in August, the second highest level ever recorded, with only January this year being marginally higher.
Miles Shipside, Rightmove director and housing market analyst, said: “We usually see a price fall at this time of year as potential home-movers are generally still in holiday mode.
“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.
“While there is more property coming to market this year, it has been more than swallowed up by increased sales.
“There is already 10% 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% compared to August last year, and at near record levels, you can see why there has been an earlier than usual price pick-up.
“The ability of potential buyers to remain on-watch and in-touch and react more quickly is also a factor. While you may be switched off from work during the summer break, many people’s mobile devices are still switched on to the internet to see what’s coming to market.”