September Property Market 2024

Rental Supply is Still Stretched 

The September property market saw a widening supply and demand gap ensuring a continued rise in pressure on the rental market, especially in locations with more affordable rental properties. There is slower growth in larger cities where affordability limits what tenants can pay, pushing up rents in nearby markets due to individuals looking further afield for more reasonable price options.

A limited supply of rental properties has been an ongoing struggle within the rental market for the last 3 years. The number of homes for rent remains almost a quarter, around 24%, below the pre-pandemic average, limiting choices for potential renters. 

The post-pandemic period saw demand for rented homes rising to record high levels, which, together with falling supply, pushed rents higher. Due to the short supply, there are 21 enquiries per rentable home on average. This ensures landlords will receive a high demand for their properties if they are in the right locations, and securing a stable rental income.

Property Prices Rise Above Long-Term Average

The average price of property on the market rose by 0.8% in September, equating to a growth of £2,974, taking the total to £370,759. September nearly always sees a rise in prices from August’s seasonal decrease. However, this year, the increase is double the usual long-term average. 

Usually, the market gets busier during Autumn, but this year the growth has started earlier. The number of sales agreed is up by 27% compared to this time last year, which is stronger than last year’s rate compared to 2022. This may be due to many movers spotting an opportunity to buy as mortgage rates trend downwards.