The average price of property coming to the UK housing market hits a new all-time high in September despite the traditional summer holiday lull, data from property website Rightmove showed on Monday.
The average asking price was GBP 338,462. Nonetheless, Rightmove said this new record high was only GBP 15 higher than the previous record set in July, a sign that prices are now stabilizing.
Fierce competition continued among buyers for the record low number of available properties for sale. However, there were early signs of more properties coming to market, which may help to slowly rebuild buyer choice.
House prices increased 5.8 percent year-on-year in September after rising 5.6 percent in August.
On a monthly basis, house prices gained 0.3 percent, offsetting a 0.3 percent drop in the prior month.
Tim Bannister, Rightmove’s director of property data said “This 14 percent increase in the number of new sellers coming to market in the first half of September is only an early snapshot, but autumn is traditionally a busy period, as those owners who have hesitated thus far during the year see the few months before Christmas as an opportunity to belatedly get their moving plans underway.”