As the autumn home-selling season begins, the property market is seeing a noticeable uptick in activity. With the summer holidays over, many people are now looking ahead and considering a fresh start in a new home.

2023 saw a quieter housing market, with potential buyers and sellers holding off on decisions due to high mortgage rates and persistent inflation. However, 2024 is showing signs of renewed momentum. Several positive factors have combined to create an encouraging environment for home-movers. Mortgage rates have been on a downward trend, inflation has eased toward its 2% target, and on 1 August, the first Base Rate cut in four years was announced. Additionally, estate agents are reporting the highest average number of property listings since 2014, giving buyers a wider selection of homes to choose from.

These conditions are driving a surge in market activity. Compared to this time in 2023, enquiries to estate agents have risen by 15%, and the number of sales agreed has jumped by 27%.

A Market Full of Opportunity

The certainty brought by the new government and the August Base Rate cut has injected fresh energy into the market, creating a window of opportunity for those looking to move. Some of this activity comes from pent-up demand from last year, when many put their plans on hold. While the market is currently buoyant, sustained momentum will depend on continued positive news, and there are uncertainties ahead that could slow this activity.

Looking ahead, the government’s Autumn Statement on 30 October may shape the direction of the property market for the remainder of the year. Fiscal policies could impact different sectors, influencing home-buying decisions as 2024 comes to a close.

Rising Prices in a Competitive Market

While autumn is traditionally a busy period for home sales, this year has seen prices rise more than usual. The average asking price of a home has increased by 0.8%—double the seasonal average—bringing the national average to £370,759, nearly £3,000 higher than last month.

Here’s a breakdown of average prices in September 2024:

• First-time buyers: £227,570 (+0.2% monthly, +1.0% annually)
• Second-steppers: £343,052 (+0.7% monthly, +1.4% annually)
• Top of the ladder: £670,753 (+0.8% monthly, +0.7% annually)

These prices represent national averages, with regional variations across Great Britain. For localized information, buyers and sellers can consult the latest House Price Index.

Selling Your Home: What to Expect

Despite the rise in buyer enquiries, sellers should be prepared for the process to take some time. On average, it now takes 60 days to find a buyer, which is three days longer than in 2023. This suggests that buyers are taking their time to carefully consider their options in a market with a greater supply of available homes.

Estate agents advise pricing your home competitively from the outset to attract attention and avoid potential price reductions later. As Tim Bannister points out, "Early autumn movers who act quickly are benefiting from improved market conditions and securing quality homes. Sellers should remain realistic and avoid overpricing. With many buyers still facing affordability challenges, they’re taking their time to browse the increased number of homes on the market and waiting for the right price."

Overall, the autumn selling season offers exciting opportunities for both buyers and sellers. With improved market conditions, it’s a great time to make a move, but success will depend on a balanced approach to pricing and timing.

Adapted from Rightmove