Posted: 1st October 2024
Housing market ‘stabilised not tanked’ during 2023 - Rightmove claims
The property sales market has stabilized throughout 2023 following the frenzy of the post-Covid boom, and improving interest rates indicate that family movers are "showing signs of returning to the market," according to Rightmove.
These remarks are part of the portal’s latest monthly house price index, which serves as a counterpoint to the housing market pessimism reported in certain media outlets.
Rightmove notes that asking prices are currently down by an average of 1.9% this month as "sellers become more competitive" on pricing. However, overall prices have only slipped by 1.1% during 2023, which is a commendable performance considering the impact of high interest rates and concerning economic news.
Additionally, prices in seven out of the UK’s 11 regions are higher than they were a year ago. The North West of England leads with a 1.5% increase compared to last year, while the South East is the weakest performer, sitting 3.7% below 2022.
The portal also reveals that buyer demand in the mid-market, second-stepper sector has risen the fastest since last year’s post-mini-budget period, increasing by 9%, while overall buyer demand is up by 6% after some "movers paused to await calmer conditions."
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