New instructions have dwindled this month and are 13.5% below this time a year ago, Rightmove reported this morning. It blames political uncertainty for sellers’ reluctance.
Meanwhile new asking prices edged up just 0.6%– the lowest monthly rise at this time of year since October 2008. On an annual basis prices are down – by an almost imperceptible 0.2%.
Regionally, new asking prices are down annually in a number of regions, including London, the south east, east of England, Yorkshire & Humber, north east and Wales.
According to Rightmove the average asking price for a property new to the market is £306,712, up from £304,770 last month.
The weekly run-rate for properties coming to the market this month – Rightmove defines “October” as being September 8 to October 12 – was 24,539.
Rightmove housing expert Miles Shipside said: “Thousands of potential sellers are holding back compared to this time a year ago, although the number of buyers agreeing purchases is virtually the same.”
Shipside said that Rightmove data shows that fall-throughs are at their lowest rate since 2015.
He said: “Sellers who are coming to market are fewer but more serious, and buyers seem to be serious too.”
According to today’s Rightmove report, the average time to secure a buyer is 62 days, and the average stock per branch, including properties under offer, is 53.6.
Comments (1)
Miles?
Miles?!
Are you reading what you are stating?
You are? Excellent!
You’ll remember to consign to the bin any thought of an “Annual Price Rise for Rightmove Subscribers” in 2020, based on your own understanding of what you have said …..because as the property market is clearly tougher, You/Rightmove wouldn’t be silly enough to ignore that and simply punish agents with a further unjustified rise?
Would you Miles?………