Rightmove property searches see bigger than usual spike in first week of September… and London demand rises most
Rightmove has reported an unusually sharp rise in buyer searches in the first week of September, with demand up five per cent compared with a five-year average increase of just 0.4 per cent for the same period. The uptick, described as a "back-to-school bounce," suggests renewed buyer engagement after a summer disrupted by holidays and heatwaves, though overall demand remains below last year's level. It comes against a backdrop of a difficult year for the housing market, with high mortgage rates and geopolitical instability weighing on activity.
Every region of Britain saw higher buyer demand, led by London (nine per cent) and the south west of England (eight per cent), while Scotland recorded the smallest rise at one per cent. The improvement comes even as several major lenders, including Barclays, Santander, Skipton, TSB, NatWest and HSBC, have been raising fixed mortgage rates, partly driven by a surge in gilt yields linked to Middle East tensions and inflation fears. Buyers and sellers also remain wary of possible tax changes expected in October's Budget.
- Rightmove buyer searches jumped 5% in early September, above the usual 0.4%
- London led regional demand growth with a nine per cent rise
- Rise comes despite lenders hiking mortgage rates amid gilt market turmoil
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Rightmove, the UK's biggest property listings website, tracks how many people search for homes to buy on its site, giving an early signal of buyer interest before official house price or sales figures are published. Its data is widely watched because it can hint at where the housing market is heading, at a time when high mortgage rates and economic uncertainty have made conditions tougher than usual.
The number of people searching for property normally dips over summer, as holidays and warm weather distract from house-hunting, before picking up again once term starts in September. Mortgage rates matter here because they determine how much it costs to borrow for a home, and lenders have recently been adjusting them in response to wider financial pressures, which can affect how many people feel able to buy.
There is also an added layer of uncertainty because the government's autumn Budget, due in October, could include tax changes affecting homeowners or buyers. This has left some people cautious about making decisions until they know what, if anything, will change.