The number of sales being agreed is up by 27% year on year, a strong bounce back compared with last year’s more subdued market as pent-up buyer demand is released
Average new seller asking prices rose 0.8% (+£2,974) this month to £370,759, according to the latest Rightmove HPI.
The number of sales being agreed is up by 27% year on year, a strong bounce back compared with last year’s more subdued market as pent-up buyer demand is released.
Rightmove’s latest data suggests homeowners are more confident to come to market, with the number of new sellers 14% higher on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014.
Buyer choice has been improving, and the average number of available homes for sale per estate agency branch is at its highest since 2014, at 33 homes.
This has come from a 14% rise in new properties coming to the market for sale compared with last year.
However, the market remains cautious. It is currently taking an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year as value-conscious buyers take their time to find the right home at the right price.
The average five-year fixed mortgage rate is still 4.67%, and while this is lower than the high of 6.11% in July 2023, it is almost double the 2.34% at this time three years ago.
Commenting on the latest figures Rightmove’s director of property science Tim Bannister said: Early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale.
Homeowners who are thinking of coming to market soon should not let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price, he said.
He added: There are question marks over how the market will be impacted by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.
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