🏡 September 2024 - House Price Index: "Autumn action starts early as movers spot window"
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 homeowners should know from the article:
1. Rising Asking Prices: The average new seller asking price increased by 0.8% (+£2,974) this month to £370,759, which is double the long-term average rise for September.
2. Early Autumn Market Surge: The traditionally busier Autumn market has started earlier than usual, with increased buyer and seller activity due to lower mortgage rates and more property choices.
3. Sales Rebound: The number of agreed sales is up 27% year-on-year, showing a significant recovery from last year’s slower market, driven by pent-up buyer demand.
4. More Homes for Sale: There is a 14% increase in new sellers compared to last year, with the average number of available homes per estate agent branch at its highest level since 2014 (33 homes).
5. Cautious Market: Despite increased activity, the market remains cautious, with sellers taking an average of 60 days to find a buyer, 3 days longer than last year.
6. Mortgage Rates Falling but Still High: The average 5-year fixed mortgage rate is 4.67%, down from the peak of 6.11% in July 2023, but still nearly double the rate of 2.34% from three years ago.
7. Pricing Remains Key: Buyers are price-conscious, and homes priced accurately are selling faster, while overpriced properties risk being overlooked.
8. More Former Rental Homes for Sale: There’s been an increase in former rental properties listed for sale, possibly driven by expectations of higher capital gains tax.
9. Autumn Statement Uncertainty: Homeowners are waiting for potential market impacts from housing-related announcements in the upcoming Autumn Statement on October 30th.
10. Positive Sentiment: Experts report positive buyer and seller sentiment as well-priced homes are attracting quick interest, although affordability challenges remain for some buyers.
