Could an autumn property bounce mean a move for you?
Average new seller asking prices increased marginally by 0.4% (+£1,386) in September to £366,281, says Rightmove, however, back-to-school sellers reinvigorated the sluggish August market when summer holidays were in full swing. There are signs of activity starting to pick up as mortgage rates continue their downward decline and average earnings increase that could help some first-time buyers and also second steppers who have equity in their property.
Meanwhile, Zoopla’s latest report shows that rents for new lets are up 10.5% over the year and rental inflation has been in double digits over the last three years. Low supply is contributing to the rental growth, however, affordability is a key influence. Rents for new lets are expected to increase by 9% in 2023 then slow to 5-6% in 2024.
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