Autumn home-selling season is off to a busy start
The Autumn selling season is an important period for the real estate market. As summer holidays come to a close, many people begin to consider what life in a new home might be like. With high mortgage rates and stubbornly high inflation, the housing market remained subdued throughout 2023.
In contrast, some homeowners are looking to make the move they put off during 2023 this year. As of 1 August, we had the first Base Rate cut in four years, with mortgage rates trending downward. Also, buyers now have a wider range of homes to choose from this year, with estate agents listing more homes on average than ever before.
Due to these factors, the number of people making enquiries to estate agents has increased by 15% compared to this time last year, and the number of sales has increased by 27%.
Rightmove property expert, Tim Bannister, says: “The certainty of a new government and the Base Rate cut in August invigorated the market, opening a window of opportunity for home-movers to act. Some of this will be pent-up demand from those who had to hit the pause button until now. However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease.”
The Autumn Statement, which will be announced on October 30, will outline the government's fiscal plan for the next few years. Changes may affect activity within certain sectors of the market as we move towards the end of the year, but which groups will be most affected remains to be seen.
How much does the average house cost this month?
It is normal for average asking prices to increase during this time of year. Since autumn is typically a busy selling season, sellers can price their homes more aggressively, knowing there will be more buyers looking to move. The price increase this year is double the seasonal average, at 0.8%. The average asking price has risen almost £3,000 since last month, to £370, 759.
Average House prices - Autumn 2024
House prices in Great Britain vary by location, so these are national averages. You can check the regional average for your area in the House Price Index.
How does this affect home sellers?
Even with the increase in buyer inquiries, it is taking sellers 60 days on average to find a buyer, three days longer than last year. Buying homes takes time, showing that buyers are taking their time.
In order to ensure your home attracts interest from the time it's listed, estate agents advise you to price it right the first time and avoid the need for a reduction later.
Tim adds: “Early Autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Home-owners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price.”
What areas do Carpenter Surveyors cover for surveys and valuations?
Areas we cover:
Warwickshire, Worcestershire, West Midlands, Staffordshire, Leicestershire, Rutland, Nottinghamshire, Derby, Gloucestershire, Herefordshire, Cotswolds and Northamptonshire.
Get a Quote from Carpenter Surveyors today.