🏡 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. đź“Š 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% (ÂŁ1,199) this month, reaching ÂŁ371,958. 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 ÂŁ2,465.
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.