Buyers are still active for the right property at the right price!

Rightmove’s latest House Price Index shows buyers are still active for the right property at the right price and the number of buyers enquiring to each available home for sale is 8% higher than the more normal market of 2019. It also shows that new seller asking prices rose by 0.5% (+£1,950) this month to £368,231. Although newly advertised property prices typically rise at this time of year, this is the smallest increase in Rightmove’s October report since 2008. The portal says sellers need to capture a buyer’s attention with a competitive price from the first day of marketing. The number of buyers enquiring to each available home for sale is still 8% higher than at the same time in pre- pandemic 2019.


A more stable mortgage market is providing some home-movers with more confidence about what they are likely to be able to afford, even with rates remaining well above the ultra-low levels of recent years. Average fixed mortgage rates continue to trend downwards and have now fallen for 11 consecutive weeks, with the average five-year fixed rate dropping from 6.08% to the current 5.43% over that period. The cheapest available rates in some Loan- To-Value (LTV) brackets are now below 5%, with rates in other LTV’s edging closer to sub-5%. In the last year, the average house price to earnings ratio has also decreased by close to 10%, meaning that buyer affordability, while still stretched, has improved compared to this time last year.
Those with a larger deposit have seen the biggest benefit from recent rate drops, with rates for those with a smaller deposit, typically those further down the housing ladder, not dropping as quickly. The mortgage market


is much more stable right now compared to three months ago, giving movers a little more assurance over the rate they are likely to be offered and therefore what they are likely to be able to afford. Those looking to secure a new home for the new year should apply for a Mortgage in Principle to work out what they could afford and listen to local estate agents about what’s happening in their local housing market..

 

If you are looking to sell your property or investment, book a free up-to-date valuation today.

 

Arins - selling homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

 

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