Property In Autumn Bounce-Back As Property Prices Pull Back Summer Losses

Following a brief lull in the wake of Brexit, the UK property market has started to see its prices bounce back.

According to Rightmove, the average asking price has risen by 0.7% (£2,277), in September, meaning the average asking price in England and Wales has now risen to £306,499.

Those looking to snatch a bargain following Brexit will likely be disappointed in the short lived dip in house prices.

Figures are showing that a home with two bedrooms or fewer, the typical property of a first time buyer, saw its price tag jump by 3.3% (£6,240). This is a 10.5% rise, based on the same numbers from the same time last year. First time buyers can now be expected to shell out £194.477 on a home.

As can be expected, London saw the biggest monthly increase in September with a rise of 1.9% meaning buyers looking to buy in the area can now expect to pay an average of £630,974. The East Midlands saw the second biggest rise with house prices going up by 1.3% (£197,502).

A recent survey from the Royal Institution of Chartered Surveyors also found that many of its member estate agents are predicting a 3.3% rise in house prices each year, for the next five years. This is an optimistic prediction when compared to the pre-Brexit figures which saw estate agents expecting a 4% rise.

It certainly seems as though the skies are clearing above the UK property market. Whilst prices haven’t jumped back to their expected numbers, they certainly seem to be on track.