Our latest blog a real-time perspective on property prices and key trends shaping the housing market. If you’re planning to move soon, here’s what these trends might mean for you.

The autumn selling season is one of the busiest times of the year for property transactions. Many people take advantage of the time between the end of summer holidays and the festive season to secure their next home.

This year, the market has been active, with 29% more sales agreed compared to this time last year, and a 17% increase in buyer inquiries. However, while activity levels are robust, we’re not seeing the same frantic conditions as the post-pandemic market, where demand far outstripped supply. Instead, buyers now have the opportunity to take their time finding the right home at the right price.

Why is it a Buyer’s Market?

Rightmove’s Tim Bannister, our property expert, explains:

“With the ball in the buyer’s court and plenty of properties to choose from, sellers need to price competitively to attract buyers, especially given the stretched affordability many are experiencing. Some sellers are adjusting their expectations, contributing to more stable price growth and making the market more accessible for buyers. This has kept sales agreements well ahead of last year’s quieter market conditions.”

Here are five key reasons why we’re currently in a buyer’s market:

1. Lower-than-average house price growth

House price growth is a clear indicator of seller confidence. While prices have increased this month, the rise is just 0.3% compared to the typical 1.3% growth seen during this time of year.

For example, in October 2024, the average asking price was £371,958, reflecting a 0.3% increase from the previous month and a 1.0% annual growth. In contrast, September 2024 saw an average asking price of £370,759, with a slightly higher monthly increase of 0.8% and an annual growth of 1.2%.

If you’re curious about your home’s value, our online valuation tool provides an instant estimate, while a local estate agent can give you a more detailed in-person evaluation.

2. Sellers must price competitively

To attract buyer interest, sellers need to list their homes at competitive prices. Overpriced homes may require reductions later, which can delay the sale.

3. Increased choice for buyers

The number of homes available for sale is 12% higher than this time last year, giving buyers more options. The average number of properties listed per agent is at its highest since 2014. This increased competition between sellers means they’re keen to make their homes stand out on buyer shortlists.

4. Homes are taking longer to sell

With more properties to choose from, buyers are taking their time. Currently, the national average time to sell a home is 61 days, slightly up from 60 days in September and 59 days in August.

5. Affordability pressures on buyers

Affordability remains a challenge. Average first-time buyer mortgage payments are £350 higher than in 2019, despite dropping by £150 since last year’s peak. Energy bills also remain elevated, with a 10% increase under the latest price cap adjustment in October. Some buyers are waiting for clarity from the government’s Autumn Budget before committing to a purchase.

Tim adds, “While market activity remains strong, some movers are pausing to see what the Autumn Budget will bring and to wait for anticipated reductions in mortgage rates. However, many are continuing with their plans.”

What’s Next for the Housing Market?

As we approach the end of the year, the Autumn Budget and two remaining Bank of England interest rate decisions could influence housing market activity moving into 2025.