Rightmove have noted that property prices in the UK increased this month by 0.5% which brings the average house price to £368,231. It is common that we do see prices increase at this time of the year, however this is the smallest rise since 2008 for this month. When looking over the past twenty years, the average growth for October is 1.4%.
Rightmove have seen that buyers are showing a ‘wait and see’ attitude and this is reflected in the amount of sales agreed that has decreased by 17% compared to this time last year. Due to this, it is fundamental in this market to price correctly. Rightmove have said “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”. Yet when we compare the amount of buyers in this current market to 2019, there is an increase of buyer enquiries on each home of 8%.
The South East of England has seen a monthly change of 1.0% with an average price of £486,886 and a decrease of 1.6% compared to last year. Rightmove have also stated the average time to sell is 62 days.
Source: Rightmove, October 2023.
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