Rightmove has reported the the average price of property coming to market rises by 0.9% (+£3,398) this month to a new record of £371,158, as shortages of property for sale continue to underpin prices.
The firms says it will take time for any impact from the ‘mimi budget’ to filter through to house prices.
There is also little sign of downwards price pressure on existing properties for sale, with the number of reductions up 2% on last month to 23% of all properties reduced, which is still much lower than the pre-pandemic five-year average of 32%.
Rightmove said it is very likely that asking prices will drop in November and December as they normally do, and it will be important to distinguish these seasonal price changes from market changes caused by other factors. Though we understand that price forecasts are at the front of mind for many, there are more economic events to play out before we can make a prediction for 2023.
Tim Bannister, Rightmove’s director of property science, said: “What’s going to happen to house prices is understandably on the minds of many home-movers right now, especially following the market uncertainty after the government’s mini-budget. There has been no immediate effect on prices, but the trend of a slight softening in the pace of growth continues.
“New sellers coming to market in the month have been pricing strongly, and the number of homes that were already on the market seeing a reduction in price is still well below the long-term average. It will take a bit of time for the market to settle in to a new, more ‘normal’ level of activity following over two years of market frenzy, especially with new developments happening almost daily at the moment.”
