By Sarah Macklin 
The average asking price of a home has risen by just over £1,500 this September, marking the first monthly increase since May, according to the latest data from Rightmove.
Across Britain, new sellers are now listing their homes at an average of £370,257, a 0.4% rise (£1,517) compared with August. Despite this uplift, prices remain slightly below where they stood a year ago (down by 0.1% (£502)).
Rightmove explained that this modest annual dip follows months of competitive summer pricing, with sellers adjusting expectations to stimulate demand. That strategy appears to be paying off, with the number of agreed sales now 4% higher than at the same point in 2024.
Regional divides
The figures reveal a clear North–South split. London and much of southern England continue to see subdued price performance, pulling national averages down. In contrast, markets in the Midlands, the North, and Wales appear far more resilient.
In the South West, prices are down 1.3% annually, while the North West has seen growth of 3.2%.
Competition in the South is intense, with the volume of homes for sale up 9% compared to last year – far higher than the 2% increase across the rest of Britain. Sellers there also face a longer wait, taking around five days more on average to secure a buyer than those in northern regions.
Still, demand hasn’t evaporated. Even in the South, more homes are changing hands than a year ago, suggesting that buyers remain motivated, provided the price is right.
What do the experts say?
Colleen Babcock, property expert at Rightmove, said:
“We’d expect to see a slight uptick in new seller asking prices in September, with the traditional back-to-school season boosting activity heading into autumn.
“This year’s 0.4% September price rise is a little lower than the norm, which is an average of 0.6% at this time of year. However, prices have now dipped slightly from where they were at this time last year after a summer of competitive pricing by sellers, and it’s the South of England which is driving this small dip.”
She added that “sensible and attractive seller pricing” has supported stronger activity, aided by stable house prices, rising wages, and easing mortgage rates which are helping affordability.
But Ms Babcock also pointed to political uncertainty:
“Rumours of property tax changes began swirling in mid-August, and with the Budget itself not arriving until the end of November, this kind of extended uncertainty can affect market activity, especially in the higher price brackets.
“Movers want to be confident in planning their moving costs. Our real-time data has not yet picked up any major shifts, however, it’s understandable that those who could be negatively affected by the rumoured changes might be in the process of reassessing their short- and medium-term plans.”
Mortgage markets are another watchpoint. Matt Smith, Rightmove’s mortgage expert, noted:
“Mortgage rates have edged upwards over the last few weeks as global events have made mortgage financing a little more expensive. Inflation is also proving sticky.
“The rhetoric around mortgages continues to be about how lenders can unlock greater affordability by allowing people to responsibly borrow more, which is encouraging for the market, particularly first-time buyers.”
Meanwhile, agents on the ground are seeing mixed conditions.
Cambridgeshire-based agent Matt Giggs, founder of the Giggs Group, said:
“Sellers who reduced their price expectations over the summer are now creating more realistic conditions for sales, which is keeping things moving.
“We’re finding that well-presented, competitively priced homes are still attracting strong interest, and the high choice of homes for sale is also encouraging buyers.
“In Cambridgeshire, we’re seeing a steady market and aren’t feeling some of the drag that may be more apparent in London or further south.
“However, uncertainty around the Budget doesn’t help movers’ confidence, particularly those looking at higher-value homes. These buyers might be more hesitant to act until there’s clarity.”
In London, the picture is more nuanced. Matt Thompson, head of sales at Chestertons, said:
“Over the past months, the dynamics of London’s property market have changed, with some boroughs not experiencing the activity or price growth traditionally associated with a world capital such as London.
“While this has required buyers and sellers to adjust their approach, it has also created opportunities and enabled some house hunters to find properties that were previously outside their budget.
“After the summer holidays, we’ve already registered an uplift in inquiries from house hunters who are keen to proceed with their property purchase now as they believe the current market climate to be a temporary window of opportunity.
“Other buyers feel that they will have more clarity after the autumn Budget which could then boost buyer confidence and fuel a sellers’ market sentiment towards the end of the year.”
Has the rental market slowed down?
The Rightmove figures come alongside new analysis from Hamptons, which reports that newly agreed rents fell by 0.4% in August – around £6 a month – bringing the average newly let property rent to £1,387.
Even so, rents remain well ahead of inflation over the medium and long term. Hamptons calculated that if rents had simply tracked CPI inflation, the typical monthly bill would be around £1,308 today, saving tenants nearly £950 a year. Over ten years, rents would average £1,253, equating to savings of more than £1,600 annually.
Although rental supply has lagged pre-2019 levels for much of the past five years, the firm said the gap is finally narrowing.
Aneisha Beveridge, head of research at Hamptons, commented:
“After several years of rapid rental growth, the tide is finally turning.
“Over the longer term, rents have consistently outpaced inflation, which means tenants today are paying more than they would have if rents had simply tracked CPI.
“For the most part, this has mirrored the rising cost pressures facing landlords. But this recent slowdown suggests the market is recalibrating. With affordability stretched and demand softening, landlords are having to adjust to attract tenants.”
