- The number of sales agreed has also increased by 29% year-on-year
According to Rightmove, the housing market continues to rise and more people are contacting estate agents in the hope of buying or selling property.
The number of people contacting estate agents about houses for sale has risen 17 percent compared to this time last year, according to Britain’s largest property website.
It also emerged that the number of available homes for sale is 12 percent higher than a year ago – and at the highest level per real estate agent since 2014.
Rightmove also reports that the number of agreed sales has increased by 29 percent annually, a strong recovery from the weakened conditions of 2023.
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Bewlo par: The average asking price for new sellers increases by just 0.3 percent this month to £371,958. This is much lower than the average seasonal increase of 1.3 percent per month at this time of year
Although people are keen to go ahead with moving plans, asking prices are kept in check by the fact that buyers are spoiled for choice.
Rightmove says the glut of homes on the market is intensifying competition between sellers, with buyer choice at levels not seen in a decade, putting downward pressure on asking prices.
Yet average asking prices for new sellers rose by just 0.3 per cent (£1,199) to £371,958 this month.
This is lower than the average seasonal increase of 1.3 percent per month at this time of year.
Tim Bannister, property expert at Rightmove, warned that sellers must price attractively to find a buyer, especially as more and more people look to sell.
He said buyers’ budgets also remain under pressure due to higher mortgage rates, and this in turn limits their purchasing power.
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“This month’s subdued price growth comes as buyer choice increases to levels not seen since 2014,” Bannister said.
‘With the ball in the buyer’s court and a large crop to choose from, sellers must charge competitive prices to find a buyer, especially with affordability still very much under pressure.
“Some sellers appear to be heeding this caution, contributing to limited price growth and better affordability for buyers.
‘This helps ensure that the agreed number of sales remains consistent and strongly ahead of the quieter market this time last year.
‘We don’t see activity slowing down, but some brokers are reporting that some movers are now waiting for clarity on the budget and expected lower mortgage rates later this year. Others, however, argue that movers are largely continuing with their plans.”
As more sellers enter the market, the average time it takes to sell increases.
Competition for buyers is particularly fierce at the top end of the market, where the number of four-bedroom detached homes and homes with more than five bedrooms is up 17 percent on last year.
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Real estate agents obviously paint a rosy picture, though they tend never to undercut the market.
Chris Rowson, director of Sharman Quinney in Peterborough said: ‘Activity has been strong; We’ve seen a surge of new instructions in September and it’s one of the busiest months for new sellers in the last decade.
‘We’ve also seen a good jump in the number of new potential buyers, as well as agreed sales in the region, so it’s been busy.’
Marc von Grundherr, managing director of Benham and Reeves in London, said: ‘Mortgage approval levels have increased for most of this year and we are now seeing this increase in buyer demand starting to filter through to actual sales, with monthly transactions be the strongest. since 2022.
“This improving market momentum has also helped bring many sellers back into the market who had previously put their plans to move forward on hold.”