Average asking prices for newly listed homes rose 0.7% in September to £367,440, Rightmove has reported, but sellers are competing in a market with the highest number of homes for sale for this time of year in 12 years.
The £2,441 monthly increase is the first since May and is slightly above the ten-year September average of 0.5%. Yet prices remain 0.8% below a year earlier and 2.3% below the start of summer, while buyer enquiries and agreed sales are both down 9% year on year.
Landlords considering a sale now face a different calculation from the low-stock market of recent years. More choice gives buyers room to negotiate, and higher borrowing costs can narrow the pool prepared to pay an ambitious price. Rightmove puts the average two-year fixed mortgage rate at 5.29%, up from 5.09% a month ago.
Rightmove data points to a crowded autumn market
Rightmove said September’s rise may be an early sign of the usual autumn return in activity after a subdued summer. The data also shows that 61% of homes brought to market this year have found a buyer, compared with 74% in 2021 when supply was much tighter.
Results vary sharply by region. Some 91% of homes marketed in Scotland are finding a buyer, against 71% in the North West, 56% in the South East and 42% in London. That gap matters to landlords weighing a disposal against a remortgage or continued letting: a national average does not tell them how much competition is sitting in their own patch.
Colleen Babcock, property expert at Rightmove, said: “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 rather than a major turning point.”
This follows Residential Landlord’s August coverage of sharper price reductions for London flats, where a supply-heavy capital market was already forcing sellers to reset expectations. September’s headline rise does not remove that pressure, particularly where owners are selling a rental property with a tight timetable.
Pricing discipline matters for landlords selling rental homes
Rightmove found that 74% of homes sold so far this year came to market at the right price and did not later need an asking-price reduction. Its figures put the average time to secure a buyer at 64 days in August, followed by a further 150 days to complete the transaction.
That timetable can create extra cost for a landlord who has ended a tenancy before a sale completes. Mortgage payments, council tax, insurance and maintenance do not pause while an over-priced listing waits for an offer. A tenanted sale has its own legal and practical considerations, but vacant possession should not be assumed to make a slow listing easier to sell.
Residential Landlord’s July report on falling asking prices and elevated stock identified the same supply issue before the summer slowdown. The latest release shows an autumn lift in prices, not evidence that buyers have lost their bargaining power.
For landlords planning an exit, comparable sold prices, local buyer demand and the cost of holding the property deserve more attention than the monthly national average. Owners who need to sell should test their agent’s evidence for the asking price and decide early how they will respond if viewings do not convert.
Rightmove published its September House Price Index on 21 September.
Opinion
September’s price increase is welcome news for sellers, but it is not a return to the seller-led market. Landlords selling into a 12-year stock high need a credible local price and a realistic exit timetable. Treating a small monthly rise as permission to aim high could simply extend an already expensive sale.
