UK property asking prices rise for first time since May
LONDON: British property sellers have increased the prices they want for their homes for the first time since May, real estate website Rightmove said on Monday.
British property sellers have raised the asking prices for their homes for the first time since May, according to real estate website Rightmove. Prices for sold properties increased by 0.7% between August 9 and September 12, which is a larger monthly rise than the usual average for this time of year. This follows a two percent drop in prices over the previous four weeks.
Rightmove reported that asking prices were 0.8% lower than a year ago, following a 1.0% annual decline in their August report. There were more homes available for purchase, hitting a 12-year high. However, the number of buyer enquiries was 9.0% lower than this time last year. Rightmove's property expert, Colleen Babcock, noted that the above-average price rise in September is a positive sign of confidence after a particularly subdued summer.
Yet, she emphasized that it should be seen as a modest recovery. Additionally, the average two-year fixed mortgage interest rate rose to 5.29% from 5.09%, and there are no signs of an end to the ongoing Iran war, which has contributed to higher borrowing costs.
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