Sales market update: sales agreed down 17% compared to last year ⬇️
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🗝️ Key findings from Rightmove's October House Property Index:
Sales agreed down 17% compared to last year...
🔹Average new seller asking prices increase by 0.5% (+£1,950) this month to £368,231, the smallest average asking price increase at this time of year since 2008, and well below the historic norm in October of 1.4%
🔹The number of sales agreed are 17% below this time last year, as those sellers who are struggling to adjust their price expectations to match current activity levels are finding that their homes are being left on the shelf
🔹Buyers are still active for the right property at the right price, but agents advise that sellers need to capture attention with a competitive price from the first day of marketing, as starting too high and reducing later damages the chances of a sale
🔹The number of buyers enquiring to each available home for sale is 8% higher than the more normal market of 2019
🔹Importance of immediate buyer interest: if a property receives its first buyer enquiry on the first day of marketing
rather than after two weeks, then Rightmove data shows that it is 60% more likely to find a buyer
🔹The proportion of homes that are finding a buyer has dropped from eight in every ten at the height of the frenzy, to a more subdued sales rate of six in every ten, making pricing competitively more critical to really stand out
🔹Average fixed mortgage rates have now fallen for 11 consecutive weeks, with the average two-year fixed rate now below 6% for the first time since June, and the average five-year fixed rate dropping from 6.08% 11 weeks ago to the current 5.43%
📩 You can download Rightmove's October House Property Index in full by clicking here 📩
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