Price records in all regions & sectors mark ‘full house’ for first time since 2007

• Price of property coming to market jumps by 1.8% (+£5,983) this month, the biggest rise at this time of year since October 2015
• Market delivers a ‘full house’ for first time since March 2007, with price records in all regions of Great Britain and in all property market sectors (first-time buyer, second stepper and top of the ladder)
• Strong housing market fundamentals and a window of opportunity to buy before a potential interest rate rise keep activity robust despite end of final stamp duty incentive:
  • Number of sales being agreed was up 15.2% in September, versus 2019’s ‘normal market’ comparison
  • Number of new properties coming to market ticks up compared to summer, but not enough to satisfy strong autumn demand from buyers
  • 2021 has been the year of the power buyer – those with their property already sold subject to contract or who have nothing to sell – and thus have the best negotiating hand to secure their ideal home in these ‘full house’ market conditions

Rightmove measured 88,694 asking prices this month nationally, circa 95% of the UK market. The properties were put on sale by estate agents from 12th September to 9th October 2021 and advertised on Rightmove.co.uk.

Overview

The price of property coming to market has surged past last month’s record and jumped by an average of 1.8% (+£5,983) this month. This is the highest percentage monthly rise at this time of year since October 2015. In addition, this is the first time since March 2007 that Rightmove has recorded a ‘full house’, with all market sectors and all regions of Great Britain having hit new record price highs in the same month. The continued fast turnover of property for sale and a window of opportunity to buy before a potential interest rate rise seem to have overcome the final expiry of all stamp duty incentives and are keeping activity robust.

The number of sales being agreed was up by 15.2% in September compared to the same period in 2019, which is the best ‘normal market’ comparison. This high level of demand is stalling a recovery in the depleted available stock for sale despite a continuing upward trend in properties coming to market. The latest weekly snapshot shows that the number of new sellers coming to market is still marginally down on the same period in 2019, but only by 3.2% as opposed to 9.3% for the period as a whole. This continuing imbalance, with demand outstripping supply and leading to record prices, presents an opportunity for owners looking to sell and cash out if they are downsizing or not needing to buy another property.

The window is also open for movers who wish to sell and buy again before a likely interest rate rise, which is widely expected as the Bank of England seeks to control resurgent inflation. In these ‘full house’ market conditions, with many homes being snapped up quickly and sellers having a choice of competing buyers, those buyers who have already sold their own property subject to contract or have nothing to sell will have the most powerful negotiating hand to secure their ideal home. Estate agents report that owners who are motivated to move are putting their property on the market before they have set their heart on an onward purchase, and once they have sold their own subject to contract their new status as a ‘power buyer’ helps them to secure a suitable property when it comes on the market.

Regional trends

• With prices at a high there is no better time to sell your property.
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