Cutting Through The Jargon - August House Price Index
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02Sep
August marks 20 years of the Rightmove House Price Index, with the national average house price doubling since the index started.
This month's house price index shows property prices falling for the first time this year, down by 1.3%. This percentage change is in line with the expected decline that has occurred every August for the past ten years and is likely more due to holidays than rate rises. The national average house price is now £365,173.
What does this mean for sellers?
Buyer enquiries to agents haven't decreased significantly despite cost of living constraints and the interest rate rises, meaning buyer demand is still high.
Rightmove's findings suggest that as we move into Autumn, sellers can still price their property competitively and find a suitable buyer who is ready to proceed and complete their purchase in time for Christmas.
What does this mean for buyers?
Many agents have recommended that sellers market their property after August – with so many people being away on holiday for the first time since the pandemic. We expect to see more properties coming to market from September onwards, so buyers will have more choice.
Redbrik Managing Director, Mark Ross commented: "As the market calms and returns to a more normal state, many people who were put off by the intense competition and uncertainty will welcome the opportunity to move finally. This should see more properties come to market. We are still generating multiple viewing requests and offers on our homes.
We are encouraging buyers to check in with their mortgage advisors (we recommend Connect Finacial Solutions) so they can be confident that they are looking at the appropriate price bracket with the recent rate changes. Many buyers are finding that the increased equity in their home is enabling them to reach levels they'd not considered possible, especially with all pessimism in the media!
Speak to Redbrik estate agents today and let us know what you want, and we can get you moving on your property plans.