🏡 October 2024 - House Price Index: "Strong activity but muted Autumn price bounce as buyer choice"

In this blog post, we're going to break down the top need-to-know information gleaned from the latest data provided by Rightmove. 📊 From trends and fluctuations to insights that could potentially impact your property journey, we've got you covered.

Here are the top 10 key facts for homeowners from the article:

1. Modest Price Increase: Average asking prices rose by only 0.3% (£1,199) this month, reaching £371,958. This is lower than the typical 1.3% increase for October, as rising competition gives buyers more options.

2. Strong Sales Rebound: The number of sales agreed has surged by 29% year-on-year, showing market resilience compared to last year’s quieter activity.

3. Rising Buyer Demand: Buyer inquiries to agents are up 17% from last year, reflecting strong underlying interest, despite Budget-related uncertainties.

4. More Homes on the Market: Available homes for sale are 12% higher than a year ago, with the average number per estate agent branch at the highest since 2014, creating a buyer’s market.

5. Slight Increase in Mortgage Rates: The average 5-year fixed mortgage rate is now 4.61%, marking the first weekly increase since May, though still well below July’s peak.

6. Higher Energy Costs: Average annual energy bills for homes with an EPC rating of D have risen by 10% since September, now costing around £2,465.

7. Buyer Competition at the High End: Properties with four bedrooms or more have increased in availability by 17%, intensifying buyer competition in this segment.

8. Positive 2025 Outlook: Two predicted Bank Rate cuts and wage growth could improve affordability next year, despite ongoing affordability pressures.

9. Muted Price Growth: Increased choice has slowed price growth, with some sellers pricing competitively to attract affordability-conscious buyers.

10. Budget Waiting Game: While market activity is high, some buyers may pause until the Autumn Budget clarifies fiscal policy and potential mortgage rate changes.

Click start to fill in the form and your local property partner will review the information you have provided and contact you as soon as possible.

First Name

Last Name

Mobile Phone

Your Email Address

Are you looking to

Buy

Sell

Rent

Let

Please enter message here

Please confirm that it is okay for us to contact you about this information as well as products and services. (You will always be given the right to unsubscribe at any point in the future)

Confirm

Mortgage Rates Set to Drop This Summer — Here’s How to Maximise Your Move

With mortgage rates predicted to fall over the coming months, buyers and sellers have a rare opportunity. Here’s what this means for your next move — and how to plan strategically.

CLICK HERE >

Why 1 in 3 Sellers Lose £3,337 — And How You Can Stop It

Property fall-throughs cost UK homeowners more than just time and stress, they lose an average of £3,337 in wasted fees every time a sale collapses.* With over 300,000 property sales falling through each year, many sellers are left disappointed, out of pocket, and often forced to start the process all over again.

CLICK HERE >

Fall-Throughs Are Still Costing UK Sellers Millions — Here’s How to Protect Your Sale

1 in 3 UK property sales still fall through. We’re working to change that. Here’s how you can protect your sale — and your peace of mind.

CLICK HERE >

A Rare Countryside Retreat with 7 Acres, Charm, and Endless Possibilities

This month, we’re spotlighting Welldale — a secluded four-bedroom country home offering approx. 7 acres of land, expansive views, and true lifestyle potential in the Staffordshire countryside.

CLICK HERE >