Wellingtons Property Edit - September
September flew by in a back-to-school blur and, as expected, there was an upturn in market activity in the first couple of weeks. Wellingtons launched three new listings in quick succession, with one promptly going under offer!
The second half of the month saw things cool though, with a drop in property views and enquiries. This reflects the fact that there is a smaller pool of buyers around, and that the market remains price sensitive in the face of continuing economic uncertainty and higher mortgage rates.
In this issue of the Edit, we share headline stats from the UK and local market, industry news, help for first time buyers and some home interior trends.
Market Watch
The local market remains more resilient than the national picture - but buyers are becoming increasingly price-sensitive.
Surrey Heath
£458,000 — average house price
+4% — annual price growth
Surrey Heath continues to outperform the wider South East, where prices have remained broadly flat.
UK as a whole
£367,440 — average asking price
+0.7% — monthly movement
-0.8% — annual movement
Asking prices have edged up, but the market remains cautious and price sensitive.
More choice, fewer sales
+5% — homes available for sale
-9% — sales agreed
More properties are competing for buyers, while agreed sales are lower than a year ago.
Buyers taking longer
64 days — average time to secure a buyer
That's up from 60 days in May, although still significantly better than the 81-day average seen in January.
Mortgage rate headwind
5.98% — average 2-year fix
6.00% — average 5-year fix
Higher borrowing costs continue to put pressure on affordability and are making buyers more careful about what they are prepared to pay.
Looking ahead
The outlook for the rest of 2026 remains cautious rather than pessimistic, with UK house prices forecast to rise by just 0.5% and around 1.1 million sales expected.
The bottom line
There are still plenty of buyers looking, but they have more choice and are being much more considered about what they buy — and what they pay.
For sellers, getting the price right from the outset and remaining competitive as the market moves is key to attracting the right buyer.
Sources: Rightmove, Zoopla, ONS, Moneyfacts
Property news & views
Will new scheme help first-time buyers get on the ladder? (Rightmove)
Here’s a summary of what we know so far about the government’s plans for a new first-time buyer support scheme called ‘Your First Home’, with more details to follow in the Budget.
Britain’s back yard shed wars (The Guardian)
The post pandemic boom in garden outbuildings and cabins has given homeowners valuable extra space for home offices, gyms or snugs. But they have also fueled neighbour fallouts, as this feature explains.
On trend for autumn interiors (Vogue)
What’s trending in the home interiors world? Vogue looks at the latest autumn trends emerging, including richer materials, textiles and more characterful interiors.