Rightmove report shows change in house prices

October 25, 2023

If you’ve been keeping an eye on property market headlines, you may have read about a recent drop in house prices.

Rightmove’s House Price Index has revealed August saw the most substantial price fall since 2018, with the average house price in Great Britain dropping by £7,012. The seasonal drop was expected. However, during the two months before, sellers and agents reacted to increasing mortgage and interest rates, also causing a drop in prices. The average house price fell by £82 in June, and £905 in July.

Whilst properties are still overall 19% higher in price than pre-Covid, the average home now costs £8,000 less than during the peak of May. So, if you’re a homeowner with a property for sale, you may wish to discuss the advert with your agent, following a quieter sales’ period this summer.

Properties are selling faster, too, with the average time to find a buyer just 55 days.

If you’re a first-time buyer considering how affordable buying a home is, the average price drop could be fantastic news. With the rental market highly competitive right now, lower house prices could provide you with the welcome chance to secure a home. Furthermore, although fewer homes are on the market than in 2019, more homes are now available for sale. Competition remains strong, so if you like a home, it is best to act quickly.

What’s more, if you’re saving for a deposit or planning your budget for a mortgage, fixed rates are also showing signs of improvement. (link to the mortgage rates blog)
We would strongly recommend getting some independent mortgage advice, we’d be happy to introduce you to one of our trusted partners.

If you are a homeowner considering selling your property, please feel free to call your local agent for guidance, advice, or an up-to-date valuation. If you would like to find out more about properties available to buy, please take a look at our website here, or contact your nearest branch.

Why have average asking prices fallen this month? | Property blog (rightmove.co.uk)

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