The Rightmove House Price Index was released to the media this morning and gives a national picture of house prices and activity over the last month. Here are some key facts:
New and existing sellers react to quieter time of year by launching their own Autumn Sale to tempt buyers:
• New-to-the-market sellers trim the asking price of property this month, albeit by a modest 0.8% (-£2,392)
• Over one-third (37%) of properties already on the market have reduced their asking price since first listing - the highest proportion at this time of year for five years – a sign of initial over-optimism and a tougher market
• With existing sellers holding an Autumn Sale and obviously keen to sell, there’s an opportunity for buyers to negotiate a good deal in the quieter run-up to Christmas
With stretched buyer affordability tested further by the recent interest rate rise, sellers should be increasingly wary of over-pricing rather than hoping for a budget reduction in stamp duty to boost buyer activity.