A September Boost for House Prices, But Sellers Need Realism
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September brought a welcome rise in asking prices, but with more homes on the market and buyers still cautious, Norfolk sellers need to stay realistic.
Rightmove’s latest House Price Index has landed, and there’s a genuinely welcome headline in it: average asking prices rose 0.7% in September, the first monthly increase since May. After a dismal summer of price falls, that’s worth a small celebration.
But before Norfolk sellers pop the champagne, a word of caution.
This bounce is entirely typical for the time of year, buyers return from holidays, families settle back into routine, and the market always wakes up in September. This year’s rise is slightly larger than the ten-year average for the month, which is encouraging, but it comes off the back of a particularly quiet summer, and prices nationally are still 0.8% lower than this time last year.
Here in the East of England, the regional picture tells a similar story. Average asking prices sit at £414,809, up a modest 0.2% on the month but still down 1.0% year-on-year. It’s now taking an average of 69 days to secure a buyer, longer than sellers would like, and a clear sign that this remains very much a buyer’s market.
The real headline for anyone thinking of selling isn’t the price rise. It’s the competition. Stock levels are at a 12-year high for this time of year, and buyer enquiries remain 9% down on last year. That’s a lot of sellers chasing fewer buyers, and it means the properties that stand out, and sell, will be the ones priced accurately from the very start.
Rightmove’s own data backs this up: 74% of homes that have sold this year didn’t need a price reduction. They got it right first time.
Our advice to Norfolk sellers is straightforward. Don’t be tempted to chase the market on the back of one good month’s data. Speak to an agent who understands street-by-street demand across Norwich, the Broads and the North Norfolk coast, price realistically from day one, and present your home at its very best.
September’s figures are a reason for cautious optimism, not overconfidence. The sellers who do well this Autumn will be the ones who treat this as a competitive market, because right now, it is.
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