The latest Nationwide House Price Index

The September data shows the fastest rate of house price growth since November 2022, with a 3.2% annual increase and 0.7% rise month-on-month. This recovery comes despite average prices still being around 2% below the all-time highs of summer 2022. The market is seeing a boost from falling mortgage rates, the August interest rate cut, and hopes of further reductions, all of which have helped stimulate buyer demand.

Most regions across the UK are experiencing a pickup in house price growth, with Northern Ireland seeing the highest increase at 8.6% compared to Q3 2023. In Scotland, average prices are up 4.3% annually, while Wales has seen a more modest rise of 2.5%. Across England, prices have risen by 1.9%, with the North West leading the way at 5.0%. London has performed well for the southern regions, with 2.0% annual growth, while East Anglia was the only region to see a slight decline, with prices falling by 0.8%.

Terraced houses have experienced the largest price increases, up 3.5% in the past year, while semi-detached homes and flats saw growth of 2.8% and 2.7% respectively. Detached homes saw more modest growth of 1.7%.

At Home Sales and Lettings, we’re seeing well-priced properties moving quickly, with many sales being agreed at or near asking prices. However, it’s important for sellers to stay realistic, as overpriced properties are less likely to attract viewings. Adjusting the price to meet current market conditions is often the best strategy.

Looking ahead, while the market has shown resilience, the coming months may be more cautious as we approach the end of the year. Sellers should be prepared for a tempering of buyer enthusiasm, particularly with potential government measures on the horizon. Pricing correctly will remain crucial for securing a sale in the final quarter of 2024.