The number of sales being agreed is still 26% ahead of the quieter market at this time in 2023 with the number of new seller coming to market 6% ahead of the same period a year ago.
The figures have been released by Rightmove in their latest House Price Index and show ‘some early signs of a post-Bank-Rate-cut uptick in buyer demand’ though activity is expected to tail off as usual towards Christmas.
The property portal reports the number of sales being agreed is 26% ahead of the same time in 2023 which it attributes to impact of external events on home-moving activity. Rightmove say it tracked an immediate drop in the number of buyers contacting estate agents about homes for sale after the Autumn Budget, but in response to the second Bank of England rate cut, has since seen an ‘uptick’ in buyer demand.
“To put these trends into figures, in early October, before the Budget, buyer demand was 23% ahead of the same period in 2023. This figure dropped to +18% following the Budget but has now ticked back up to +23% following the Bank Rate cut. However, we do still expect the usual seasonal slow-down in home-moving activity as we get closer to Christmas.”
said the portal.
“There’s been a lot of news to digest for home-movers over the last few weeks and it appears that the market may still be chewing it over. We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp-duty charges for most home-movers and second-home buyers, and some first-time buyers. However, a second Bank Rate cut and a boost of optimism regarding 2025 appear to have reversed this trend at least temporarily.
said Rightmove’s Director of Property Science Tim Bannister.
“Zooming out of these short-term trends, the big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass-market.”
