The UK’s property market typically sees a so-called Autumn Bounce in September and October with prices rising as more would-be buyers start scoping out new homes. This seasonal uptick is something that estate agents and sellers alike have come to rely on as soon as people come back from holidays and kids go back to school, but there’s been no sign of it so far.
In fact, there’s been a dip, with asking prices falling by a national average of £3,600 from August to September. London has borne the brunt of this fall with the average asking price plummeting by £18,000. The higher-end properties in London are faring even worse with some falling by as much as £300,000.
The first fall in four years
The national average is a fall of 1.2%, though, and this is the first autumn decrease since 2013. This means the average asking price in England and Wales is £310,003. If London is taken out of the equation, however, then the fall is a mere 0.5% nationwide.
Not all doom and gloom
There are still a few areas of high demand and high prices, with properties in desirable school catchment areas and near important transport hubs staying buoyant.
Lots of movement
Another piece of good news for buyers and sellers is the fact that despite the adjustment in prices, properties are selling rapidly, especially if the vendors are realistic about their asking price. The market has seen a 4.8% increase in the numbers of sales from last year, with London performing well at 5.6% more than last year.
The UK’s steepest decline is in Wales, with asking prices dropping by 3.3% from August to September, resulting in an average asking price of £181,231.
The north seems to be going against the trend, however, with Yorkshire and Humber seeing small but significant rises of 0.5% and 0.2%.
In summation, you can expect a swift sale if you’re realistic and a swift, profitable sale if you’re in a more desirable area of the country.
