Financial News: UK House Price Growth Weakens: Rightmove

UK House Price Growth Weakens: Rightmove

10/21/2024 - 06:16:00 (RTTNews)

(RTTNews) - UK house prices increased at a below seasonal average pace in October due to the rise in buyer choice and increasing seller competition, property website Rightmove said Monday.

House prices grew 0.3 percent month-on-month in October, which was much lower than the average seasonal 1.3 percent increase at this time of year. Prices had increased 0.8 percent in September.

Buyers' choice increased to a level not seen for ten years, putting downward pressure on price growth. Buyers are making use of their increased negotiating power that helped to keep price rises subdued.

"Limited price growth is also in part down to some sellers heeding agents' and Rightmove's caution to price attractively to find a buyer, particularly with seller competition rising, helping to keep activity moving," property website said.

Data showed that the number of sales being agreed rose 29 percent on year in October, which was a strong rebound from the weaker market a year ago.

Rightmove said that despite some uncertainty caused by the Autumn Budget, underlying buyer demand remained strong with the number of people contacting agents about homes for sale climbing 17 percent.

Further, the number of available homes for sale advanced 12 percent annually, the highest per estate agent since 2014.

Rightmove said the outlook for the property market remains positive for 2025 but affordability pressure remain and some buyers may be waiting for budget clarity and cheaper mortgage rates before acting.

The reduction in bank rates together with wage growth outpacing house price growth signals that 2025 will be an active year, Rightmove said.

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