Despite these strong figures, Rightmove claims that, beneath the surface, the market “remains cautious”, with pricing still critical to a successful sale. Even with better market conditions, the average property still takes 60 days to find a buyer—three days longer than last year.
Rightmove’s data suggests that this has led to a “two-speed market” in which price-conscious buyers are taking their time to find the perfect home for the right price. This means that attractive properties that are priced accurately are more likely to be quickly met with interest from buyers. In contrast, overpriced/poorly presented ones could lay dormant on the market. Rightmove also notes that while the downward direction of mortgage rates has incentivised many buyers, they remain high compared to previous years.
They also believe that future uncertainties should also be considered, such as the timing of a second Bank Rate cut and October’s Autumn Statement. Tim Bannister, Rightmove’s Director of Property Science, said: “The certainty of a new government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for 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.
“Homeowners 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. There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then, we expect that market momentum will continue as the Autumn action rolls on.”
