- The number of agreed sales also increases by 29% year-on-year
According to Rightmove, the property market continues to heat up with more and more people contacting estate agents in the hope of buying or selling properties.
The number of people contacting agents about homes for sale has increased by 17 per cent compared to this time last year, says Britain’s biggest property website.
It also revealed that the number of homes available for sale is 12 per cent higher than a year ago and the highest per estate agent since 2014.
Rightmove also reports that the number of agreed sales increased by 29 per cent year-on-year, a strong rebound from weakened conditions in 2023.
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Bewlo par: New sellers’ average asking prices rise just 0.3 per cent this month to £371,958. This is much smaller than the average seasonal monthly increase of 1.3 percent at this time of year.
However, while people seem willing to move forward with their moving plans, sales prices are being kept in check because buyers have so many options to choose from.
Rightmove says the glut of homes on the market is intensifying competition between sellers, with buyer choice at levels not seen in ten years, putting downward pressure on sales prices.
Still, average asking prices from new sellers rose just 0.3 per cent (£1,199) this month to £371,958.
This is below the average seasonal monthly increase of 1.3 percent at this time of year.
Rightmove property expert Tim Bannister warned that sellers must set attractive prices to find a buyer, particularly with increasing numbers of people looking to sell.
He said buyers’ budgets also continue to be tight as a result of higher mortgage rates and this in turn is limiting their purchasing power.
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“This month’s moderate price growth comes as buyers’ options soar to a level not seen since 2014,” Bannister said.
‘With the ball in the buyer’s court and the choice of a great crop, sellers must price competitively to find a buyer, especially when affordability is still very limited.
‘Some sellers appear to be acting cautiously, contributing to limited price growth and improved affordability for buyers.
‘This helps keep the agreed sales number consistent and strong ahead of last year’s quieter market around this time.
‘We are not seeing a slowdown in activity, but some estate agents are reporting that some removal companies are now awaiting budget clarity and anticipating lower mortgage rates later this year. Others, however, claim that moving companies are simply going ahead with their plans.’
With more sellers coming to the market, the average time it takes to sell is also increasing.
Competition for buyers is particularly intense at the top end of the market, where the number of four-bedroom detached homes and five-plus-bedroom homes available for sale is 17 per cent higher than last year.
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Real estate agents, of course, paint a rosy picture, although they tend to avoid tearing down the market.
Chris Rowson, managing director of Sharman Quinney in Peterborough, said: ‘Business has been brisk; We’ve seen a surge of new instructions in September and it’s one of our busiest months for new sellers in the last decade.
“We have also seen a good increase in potential new buyers as well as agreed sales in the area, so it has been busy.”
Marc von Grundherr, director at Benham and Reeves in London, said: “Mortgage approval levels have strengthened for much of this year and we are now seeing this increase in buyer demand starting to trickle down to actual sales. , with monthly transactions being the strongest.” from 2022.
“This improving market momentum has also helped entice many sellers back into the market who had previously put their plans to move on hold.”