September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels

The number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released

Rightmove’s latest data suggests homeowners are more confident to come to market, with the number of new sellers up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014.

Buyer choice has been improving, and the average number of available homes for sale per estate agency branch is at its highest since 2014, at 33 homes.

This has come from a 14% increase in new properties coming to the market for sale compared with last year.

However, the market remains cautious. It’s currently taking an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year as value-conscious buyers take their time to find the right home at the right price.

The average five-year fixed mortgage rate is still 4.67%, and while this is lower than the peak of 6.11% in July 2023, it is nearly double the 2.34% at this time three years ago.

Commenting on the latest figures Rightmove’s director of property science Tim Bannister said: “Early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale.

“Homeowners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price.”

He added: “There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.”

Together head of intermediary sales Michelle Walsh said “It will be interesting to see what impact Wednesday’s announcement on inflation will have on people’s property plans. However, those eager to act now are best to consider the range of products and schemes designed to help. First time buyers may wish to take advantage of Shared Ownership, and for those looking for fast and flexible finance, bridging loans may offer a solution.”

Pepper Advantage UK managing director Aaron Milburn pointed out that Rightmove’s latest data supported the RICS survey last week that revealed prices rose for the first time in two years, reinforcing the challenge facing first-time buyers. Following Friday’s series of rate cuts for fixed-rate mortgages by high-street lenders, and with Labour’s new housing initiative yet to take hold, he argued that we can expect this trend of rising prices to continue for the remainder of 2024.

“Rising home prices will exacerbate a fundamental shift taking place in the UK housing market. With buying increasingly out of reach for many, more people are looking to rent, yet a growing number of buy-to-let landlords are exiting the market as mortgage holders continue to be refinanced onto higher rates. The pressure on renters in many areas is becoming acute.”

He added: “Looking further ahead, it’s possible that the widening gap left by private, ‘mum and dad’ landlords will be filled by corporations, which could see the UK moving toward a more US-style rental market.”