Autumn home-selling season off to busy start

The Autumn selling season is a key period for the property market. With summer holidays wrapped up, many people start to think about what life in a new home could look like.

We saw a more subdued housing market throughout 2023, with some people delaying their moves on account of elevated mortgage rates, and stubbornly high inflation.

But this year, some would-be home-movers are looking to make the move they may have put off during 2023. Mortgage rates have been trending downwards, inflation fell back towards its 2% target, and we had the first Base Rate cut in four years on 1 August.Plus, buyers now have a better choice of homes for sale this year, with estate agents having the highest number of listings on average since 2014.

Some of these factors are contributing to a 15% increase in the number of people making enquiries to estate agents than at this time in 2023, and the number of sales agreed is up 27% compared to the same period last year.

Our property expert, Tim Bannister, says: "The certainty of a new government and the Base Rate cut in August invigorated the market, opening a window of opportunity for home-movers to act. Some of this will be pent-up demand from those who had to hit the pause button until now. However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease."

The Autumn Statement, which will be announced on the 30 October, will lay out the government's fiscal plan for the coming years. It remains to be seen which groups will be most affected by any impending changes, but we might expect them to influence activity within certain sectors of the market as we move towards the end of the year.

Read our updated house price forecast for 2024

What's the average house price this month?

We normally see average asking prices increase at this time of year. This is because the start of the typically busy autumn selling season means sellers can price their homes more ambitiously, knowing there will be more buyers looking to move. However, this year we've seen prices rising by 0.8%, which is double the seasonal average. The average asking price of a home is currently £370, 759, climbing almost £3,000 since last month.

Sector	September 2024	August 2024	Monthly change	Annual change
First time buyers	£227,570	£227,191	+0.2%	+1.0%
Second-steppers	£343,052	£340,605	+0.7%	+1.4%
Top of the ladder	£670,753	£665,492	+0.8%	+0.7%

These prices are national averages, and local house prices vary depending on where you live in Great Britain. You can check the regional average for your area in our House Price Index.

What does this mean if you're thinking of selling your home?

Despite the increase in buyer enquiries, it's taking 60 days on average for sellers to find a buyer, which is three days longer than last year, when the market was more subdued. This shows that buyers are taking their time to find the home that's right for them.

The guidance from estate agents is to make sure your home is priced right the first time to make sure it attracts interest from the time it's listed, avoiding the need for a reduction further down the line.

Tim adds: "Early Autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Home-owners who are thinking of coming to market soon shouldn't let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price."

TheheaderimageforthisarticlewasprovidedcourtesyofW. Hallett & Co, Kew

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