Bank Rate cuts boost optimism for 2025 despite Budget pause ⏸️
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🗝️ Key findings from Rightmove, download full report here:
Bank Rate cuts boost optimism for 2025 despite Budget pause ⏸️
🔸 Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters
🔸 However, despite the dampening effect of the Budget, market activity remains stronger than last year as Bank Rate falls:
🔸 The number of sales being agreed is still 26% ahead of the quieter market at this time in 2023
🔸 The number of new sellers deciding to move and coming to market is 6% ahead of the same period a year ago
🔸 Rightmove’s real-time data shows some early signs of a post-Bank-Rate-cut uptick in buyer demand, though we still
expect activity to tail off as usual towards Christmas
🔸 Rightmove’s 2025 forecast is that average new seller asking prices will rise by 4%, our highest prediction since 2021, with lower
mortgage rates releasing some of the pent-up housing demand and putting modest upwards pressure on prices
🔸 The market remains price-sensitive, and seller competition is at its highest level for a decade. Those keen to sell will need to
offer a well-presented and well-priced home to attract buyers who are spoilt for choice and still affordability-stretched
🔸 Bank Rate cuts are now forecast to be slower-paced, so affordability may take longer to improve than previously expected
📖 Further reading here from the BBC ↗️
📖 Further reading here from Zoopla ↗️
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