Autumn home-selling season off to busy start: Rightmove
The Autumn selling season is a key period for the property market. With summer holidays wrapped up, many people start to think about what life in a new home could look like.
Figures from the latest Rightmove House Price Index show that average new seller asking prices rose by 0.8% (+£2,974) this month to £370,759. September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels
Rightmove says the traditionally busier Autumn market appears to have started early, with many movers spotting a window of opportunity to act as mortgage rates trend downwards and property choice increases:
- The number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released.
- Home-owners more confident to come to market, with the number of new sellers up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014.
However, the market remains cautious, and there are still uncertainties ahead:
- It’s 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 5-year fixed mortgage rate is still 4.67%, and while this is lower than the peak of 6.11% in July 2023 nearly double the 2.34% at this time three years ago.
- We wait to see any housing announcements made in the Autumn Statement on October 30th.
Tim Bannister, Rightmove’s Director of Property Science Expert, says: “There is a good level of activity at the moment leading into the Autumn, even though summer is typically a quieter period for the market as people head off and come back from holiday. We’re seeing more sellers coming to market, and overall we are seeing some positive sentiment amongst both sellers and buyers.
“Well-priced and attractive properties are still selling quickly, even getting interest on the first day of marketing. However, the price has to be right – otherwise, they risk being ignored by prospective buyers.”
Source: Rightmove September House Price Index
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The information contained within was correct at the time of publication but is subject to change.
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