Autumn Property Market Update: Buyers Have the Advantage

As the autumn property market unfolds, it remains one of the busiest times of the year for buying and selling, with many people seeking new homes before the festive season. This year’s activity has been notably higher, with a 29% increase in sales agreed compared to last year and 17% more inquiries about properties for sale. However, the current market isn’t as frantic as it was in the post-pandemic surge, allowing buyers more time to find suitable homes at the right price.

Market Trends Indicating a Shift to a Buyer’s Market

Several trends are shaping the property landscape this autumn:

1. Slower House Price Growth
   While house prices have increased this month, the rise is modest at 0.3%, much lower than the usual 1.3% expected at this time of year. This limited price growth signals a cautious market where sellers are adjusting their expectations to attract buyers.
2. Competitive Pricing from Sellers
   With more properties available, sellers are pricing their homes more competitively to stand out in the market. Overpricing could result in needing to make reductions later.
3. More Properties on the Market
   The number of homes for sale has grown by 12% compared to last year, giving buyers a wider selection. This increased choice is putting pressure on sellers to ensure their listings appeal to prospective buyers.
4. Homes Taking Longer to Sell
   With more options available, buyers are taking their time to make decisions. Currently, the average time to sell a property is 61 days, slightly longer than in previous months.
5. Affordability Challenges for Buyers
   Higher mortgage payments and rising energy costs are putting pressure on buyers’ budgets. Although mortgage rates have decreased from their peak last year, affordability remains a concern, with some waiting for the government’s Autumn Budget before proceeding with their moves.

Looking Ahead to 2025

The housing market outlook remains positive despite affordability pressures. Upcoming announcements, including the Autumn Budget and potential interest rate changes by the Bank of England, could impact market activity. If these developments bring more certainty and lower mortgage rates, a renewed surge in buyer optimism may emerge as we approach 2025.