Autumn Property Buzz: More Choice, Less Price Jumps - What Does it Mean for You?
Autumn is here, and while the leaves are turning, property prices aren’t exactly skyrocketing. But don’t let that fool you, there’s plenty of action in the market! At Property Bee, we’ve got our finger on the pulse, and here’s what we’re seeing.
Steady Prices, Busy Buyers
This month, the average asking price nudged up just 0.3%, around £1,199, bringing the UK average to £371,958. Typically, we see a bigger seasonal jump in October, but this year, it’s a bit more mellow. Why? Well, it seems buyers are spoilt for choice right now!
With 12% more homes on the market than this time last year, it’s a buyer’s playground. More options mean more negotiating power, which is great if you’re house-hunting, but for sellers, it’s time to get strategic.
Buyer Buzz: Demand is Strong
Even with affordability still a challenge, buyer interest hasn’t cooled. We’re seeing a 29% increase in agreed sales compared to last year, and the number of people reaching out to agents (like us!) is up by 17%. Yes, the Autumn Budget may be on everyone’s mind, but that’s not stopping serious movers from making plans.
Here at Property Bee, we’ve been busy matching buyers with their dream homes, and keeping things competitive for sellers. With so many homes on the market, sellers need to be savvy about pricing, and we’re here to help with expert advice and cutting-edge tools like videography and aerial photography to make your property stand out.
What About Mortgages?
Mortgage rates have inched up slightly this month, with the average 5-year fixed rate now at 4.61%. But don’t worry, there’s hope on the horizon! Financial markets predict two more Bank Rate cuts by year-end, which could give mortgage rates a boost in the right direction. Combine that with rising wages, and 2025 is shaping up to be a more affordable year for many buyers.
Looking Ahead to 2025
While 2024 may feel like a balancing act between affordability and choice, 2025 could bring exciting opportunities. If mortgage rates drop as expected, we’re likely to see a wave of buyers who’ve been sitting on the sidelines jump back into the game. At Property Bee, we’ll be ready to help them, and you, navigate the market with ease.
So whether you’re buying or selling, now’s the time to get prepared. Need some advice or fancy a chat about your property plans? Give us a buzz at Property Bee, we’re always here to help!
Disclaimer: The data and statistics referenced in this blog post have been sourced from Rightmove.co.uk. All figures are based on current market trends as reported by Rightmove and are subject to change.
Comments