SUVs remains most in demand
In September like-for-like prices continued to increase across all body types, with hatchbacks (£9,107) and MPVs (£9,663) recording the highest rate of growth, up 12.2% and 10.6% respectively.
In terms of demand, SUVs continue to experience the highest levels of growth, recording a YoY increase of 27.7%, whilst supply fell -10.8%.
The average sticker price of an SUV was £19,298 last month, marking a like-for-like increase of 4% on September 2019.
Strong demand for older used car stock
Last month every age band recorded growth in average prices. Demand was highest among older used cars, with those aged 10-15 years increasing 13.3% YoY against a -15.7% fall in supply, resulting in the highest rate of growth at 15.3% (£4,316).
In contrast, vehicles aged up to one year were the only price band to record a negative YoY change in demand, falling sharply from -0.7% in August to -9.9% in September. As a result, prices grew 4.7% (£18,574) which was the lowest rate of growth among price bands.
Both premium and volume brands saw average prices grow in September, increasing 3.9% (£20,710) and 11.5% (£9,065) respectively. Whilst demand outstripped supply in both segments, premium brands continue to show stronger performance compared to volume brands, increasing 18.9% versus 15.5%.