- The number of sales being agreed is also up by 29% year-on-year
The housing market continues to heat up with more people contacting estate agents hoping to buy or sell property, according to Rightmove.
The number of people contacting agents about homes for sale is up by 17 per cent compared with this time last year, Britain’s biggest property website says.
It also revealed the number of available homes for sale is 12 per cent higher than a year ago – and at the highest per estate agent since 2014.
Rightmove also reports the number of sales being agreed is up by 29 per cent annually, a strong rebound from the weakened conditions of 2023.
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Bewlo par: Average new seller asking prices rise by just 0.3 per cent this month to £371,958. This is much lower than the average seasonal 1.3 per cent monthly increase at this time of year
However, while people look keen to crack on with home moving plans, asking prices are being kept in check by the fact that buyers are spoilt for choice.
Rightmove says the glut of homes on the market is intensifying competition between sellers, with buyer choice at levels not seen for ten years, putting downwards pressure on asking prices.
Even so, average new seller asking prices rose by just 0.3 per cent (£1,199) this month to £371,958.
This is lower than the average seasonal 1.3 per cent monthly increase at this time of year.
Tim Bannister, property expert at Rightmove warned sellers need to price attractively to find a buyer, particularly with increasing numbers of people looking to sell.
He said that buyers budgets also remain stretched as a result of higher mortgage rates and this in turn is limiting their purchasing power.
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‘This month’s subdued price growth comes as buyer choice soars to a level not seen since 2014,’ said Bannister.
‘With the ball in the buyer’s court and the pick of a big crop to choose from, sellers need to be pricing competitively to find a buyer, particularly with affordability still very stretched.
‘Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability.
‘This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.
‘We’re not seeing activity slow down, but some estate agents report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.’
With more sellers coming to market, the average time it is taking to sell is also increasing.
Competition for buyers is particularly intense at the top-end of the market, where the number of four-bedroom detached houses and five-bedroom-plus homes available for sale is 17 per cent ahead of last year.
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Estate agents are of course painting a rosy picture, albeit they tend to steer clear of ever taking down the market.
Chris Rowson, managing director of Sharman Quinney in Peterborough said: ‘Activity has been strong; we’ve seen a surge of new instructions in September and is one of our busiest months for new sellers in the last decade.
‘We’ve also seen a good jump in new potential buyers, as well as agreed sales in the area, so it’s been busy.’
Marc von Grundherr, director of Benham and Reeves in London said: ‘Mortgage approval levels have been strengthening for much of this year and we’re now seeing this increase in buyer demand start to filter through to actual sales, with monthly transactions being the strongest since 2022.
‘This improving market momentum has also helped to tempt many sellers back into the market who had previously put their plans to move on pause.’