Rightmove says it is now a buyers’ market

According to the latest analysis by Rightmove it is now a buyers’ market as “activity” has not slowed down.

In October the average price of a home increased by 0.3%, or £1,199 to £371,958, this is less than it normally does in the month.

Tim Bannister, Rightmove’s director of property science, said, “This month’s subdued price growth comes as buyer choice soars to a level not seen since 2014.

“With the ball in the buyer’s court and the pick of a big crop to choose from, sellers need to be pricing competitively to find a buyer, particularly with affordability still very stretched.

“We’re not seeing activity slow down, but some estate agents report that some movers are now waiting for budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.”

He added, “Despite a Budget-shaped cloud on the horizon, the big picture still looks positive for the market heading into 2025.

“Market activity remains strong, despite affordability pressures on movers. Once we have more certainty about the contents of the Budget, hopefully, followed by speedy second and third Bank Rate cuts, we could see another surge in market optimism like we had in the Summer.

“Affordability is still the biggest barrier facing many movers, with mortgage rates still high, so if the expected two cuts come to fruition it could be the boost that many buyers-in-waiting need. 2025 could see the return of the previously priced-out buyer.”

Marc von Grundherr, Director of Benham and Reeves said: “Mortgage approval levels have been strengthening for much of this year and we’re now seeing this increase in buyer demand start to filter through to actual sales, with monthly transactions being the strongest since 2022. This improving market momentum has also helped to tempt many sellers back into the market who had previously put their plans to move on pause.

“Of course, there will always be a segment of both buyers and sellers who will sit tight in the hopes of some form of property market boost via the upcoming Autumn Budget. However, we’re not seeing this at ground level so much, largely due to the fact that very little has been leaked with regard to the sales sector.”