New Data Reveals Lowest October Asking Price Increase Since 2008
October 19, 2023 9:16 pm
The latest data from the Rightmove House Price Index for October 2023 has unveiled a notable trend in the housing market.
Average new seller asking prices increased by just 0.5% this month, equivalent to £1,950, bringing the average asking price to £368,231. This represents the smallest October price increase since 2008 and falls well below the historic norm of 1.4% for this time of year.
Nationally, the number of sales agreed is 17% below the figures from the same period last year. However, it’s worth noting that potential buyers remain active and engaged, with the number of buyer inquiries per available home for sale being 8% higher than the more typical market conditions experienced in 2019. We at Stephanie Macnab Estate Agents continue to see a good level of buyer activity through Formby and the surrounding areas.
Commenting on these statistics, Tim Bannister, Rightmove’s Director of Property Science, stated, “While this year’s much more subdued rise indicates that some new sellers are gradually heeding their agents’ advice to price competitively, agents report that other sellers still need to adjust their expectations on the price that they are likely to achieve in the current post-pandemic, lower-activity market.”
Stephanie Macnab commented “This trend underscores the increasing importance of pricing accuracy in today’s market. Sellers are finding that being too optimistic with their asking price can have a negative impact on their property’s appeal and saleability. Adjusting the price later often doesn’t fully recapture the attention of potential buyers.”
While some buyers remain cautious due to fluctuating prices and borrowing costs, premium properties in prime locations continue to attract strong interest swiftly. However, for properties in the mass market, offering ‘good value’ is paramount to avoid unnecessary delays in the sales process.
Buyer confidence is showing signs of growth, with an increasing number of property viewings and buyer inquiries. As the year draws to a close, many buyers are eager to secure their properties before the festive season, leading to increased competition and even multiple bids on certain properties.
For more information on the latest market trends and available properties, please contact Stephanie Macnab Estate Agents on 01704 516 626 or hello@stephaniemacnab.co.uk