With the summer holidays now behind us, the Autumn home-selling season has kicked off in full force – and this year, it’s busier than ever! After a quieter property market in 2023, where many prospective buyers and sellers held back due to soaring mortgage rates and stubbornly high inflation, it seems 2024 is seeing a rebound1.
According to the latest figures from Rightmove, there’s been a 15% increase in enquiries to estate agents compared to the same period last year. Even more impressively, sales agreed are up by 27%, a clear sign that home-movers are now feeling more confident about making a move1.
Why the Sudden Surge?
Several factors are driving this renewed market activity. Mortgage rates, which caused many to delay their moves in 2023, have been trending downward. Inflation is finally heading closer to its 2% target2, and for the first time in four years, we saw a Base Rate cut on August 1st.3 This has boosted buyer confidence, giving many the green light to purchase the homes they may have been eyeing up last year.
Prices Are on the Rise
In line with the busier market, asking prices are climbing. The average asking price of a home in Great Britain is now £370,759, a jump of £3,000 since August – that’s a 0.8% increase, double the usual seasonal rise.1
But as always, location matters, and prices vary greatly depending on where you live.
Here’s a breakdown of the changes, according to data from Rightmove1:
First-time buyers: average price now £227,570, up 0.2% from last month.
Second-steppers: average price now £343,052, up 0.7%.
Top of the ladder: average price now £670,753, up 0.8%.
What Could This Mean for Sellers?
While it’s a busy market, it’s not necessarily a seller’s dream scenario. Buyers are being more selective, taking an average of 60 days to find the right property – three days longer than last year. That means sellers need to be realistic with their pricing from the start1.
Looking Ahead
The Government’s Autumn Statement on October 30th will likely influence the market further, with the government’s fiscal plans potentially affecting property buyers and sellers. For now, though, there’s a window of opportunity – but it might not stay open for long.
So, if you’re thinking of selling or buying, now could be the time to act, and we’re here to help give bespoke mortgage & protection advice to help you on the journey.
Sources
1. Rightmove (2024) Autumn home-selling season off to busy start. Available at: https://www.rightmove.co.uk/news/articles/property-news/autumn-selling-season-busy-start-sep24/ [Accessed 19th September 2024]
2. BBC (2024) Inflation holds steady despite jump in air fares. Available at: https://www.bbc.co.uk/news/articles/c4g927qykywo [Accessed 19th September 2024]
3. Bank of England (2024) Official Bank Rate history. Available at: https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp [Accessed 19th September 2024]
All the information in this article is correct as of the publish date 26th September 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
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