Asking Prices in the U.K. Reach Record High

U.K. home sellers have been asking for more for their properties than ever before, but that may be starting to turn around, according to a report Monday from Rightmove.

The average listing price for a property rose to £338,462 (AU$637,287) in September, ticking up 0.3% compared to August and 5.8% compared to the same time in 2020, the data showed.

However, this month’s record price is only £15 more than the previous high, set in July, which is “a sign that prices are now stabilizing,” the report said.

Competition among potential buyers remains fierce, however, and has doubled from 2019 levels, according to Tim Bannister, Rightmove’s director of property data.

“While the holiday-starved took their break over summer, the high ratio of buyer demand to properties for sale means that the property market remains stock-starved despite the summer lull lessening overall activity,” he said in the report.

That means home seekers need to have cash in hand or financing secured before they even come to the table to try to land a property.

“In the most competitive market ever, today’s ‘power buyers’ also need to have already found a buyer for their own property, or to have no need to sell at all,” Mr. Bannister continued. “Agents report that buyers who have yet to sell are being out-muscled by buyers who have already sold subject to contract. Proof that you are mortgage-ready or can splash the cash without needing a mortgage will also help you to get the pick of the housing crop.”

South West England saw the biggest annual gain in house prices—9.5% to £353,213—followed by Wales, which saw a 9.4% year-over-year jump to £232,440, the report found. The East Midlands followed with a 9.1% rise in prices to £264,554.

Price growth was slower in London, which registered a 0.8% increase in prices in September, compared to the same time the previous year, the data showed.

Rightmove also reported a 14% rise in new listings in the first two weeks of September compared to the last two weeks of August, a sign of the market starting to normalize.

“This 14% increase in the number of new sellers coming to market in the first half of September is only an early snapshot, but autumn is traditionally a busy period, as those owners who have hesitated thus far during the year see the few months before Christmas as an opportunity to belatedly get their moving plans underway,” Mr. Bannister noted.

A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).

Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.

“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.

The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”

The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.

“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”

The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.

The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.

“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”

This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .

Asking Prices in the U.K. Reach Record High

But growth is slowing despite the new high average listing price.

The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests