Sales market update: Autumn early birds spot window of opportunity 🐦
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Key findings from Rightmove's latest House Price Index:
🔸 Average new seller asking prices rise by 0.8% (+£2,974) this month to £370,759. September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels
🔸 The traditionally busier Autumn market appears to have started early, with many movers spotting a window of opportunity to act as mortgage rates trend downwards and property choice increases
🔸 The number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released
🔸 Home-owners more confident to come to market, with the number of new sellers up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014
🔸 However, the market remains cautious, and there are still uncertainties ahead
🔸 It’s currently taking an average of 60 days for a seller to find a buyer, three days longer than in the more subdued market at this time last year as value-conscious buyers take their time to find the right home at the right price
🔸 The average 5-year fixed mortgage rate is still 4.67%, and while this is lower than the peak of 6.11% in July 2023 nearly double the 2.34% at this time three years ago
🔸 We wait to see any housing announcements made in the Autumn Statement on October 30th
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