🏡 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 our products and services. By confirming, you also agree to the use of cookies to enhance your experience. (You will always have the right to unsubscribe or manage your cookie preferences at any point in the future.)

Confirm

How Buyers Search For Homes Now And Why It Changes Everything For Sellers

The way buyers search for homes has changed dramatically over the last few years. Today’s buyers make decisions faster, compare more properties online and often rule homes out before ever booking a viewing. Here is how buyer behaviour has changed and what sellers need to understand now.

CLICK HERE >

What Actually Delays Property Sales In The UK?

Many property sales do not collapse because buyers change their mind. They collapse because of delays, poor communication and problems discovered too late in the process. Here are the biggest causes of delayed property sales in the UK and what sellers can do to reduce the risk.

CLICK HERE >

The Property Advice People Still Believe That No Longer Works

A lot of property advice homeowners still follow was built for a completely different market. Buyer behaviour has changed, property searching has changed and expectations have changed. Yet many sellers still approach the market the same way they did years ago. Here are the biggest myths that no longer hold up.

CLICK HERE >

There Are Buyers Ready Right Now… But They Can’t Find Your Home

There are buyers in the market right now who are fully prepared and ready to move, but they are waiting for the right homes to appear. That gap between buyer readiness and available stock is where opportunity sits. Here is what buyers are doing and why it matters if you are thinking of moving.

CLICK HERE >