Here are 5 key points from the report that you ought to know ⬇️

🟢 Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters.

🟢 However, despite the dampening effect of the Budget, market activity remains stronger than last year as BoE Rate falls:

🟢 Rightmove’s 2025 forecast is that average new seller asking prices will rise by 4%, our highest prediction since 2021, with lower mortgage rates releasing some of the pent-up housing demand and putting modest upwards pressure on prices.

🟢 The market remains price-sensitive, and seller competition is at its highest level for a decade. Those keen to sell will need to offer a well-presented and well-priced home to attract buyers who are spoilt for choice and still affordability-stretched.

🟢 Bank Rate cuts are now forecast to be slower-paced, so affordability may take longer to improve than previously expected.

“There’s been a lot of news to digest for home-movers over the last few weeks and it appears that the market may still be chewing it over. We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp-duty charges for most home-movers and second-home buyers, and some first-time buyers. However, a second Bank Rate cut and a boost of optimism regarding 2025 appear to have reversed this trend at least temporarily. Zooming out of these short-term trends, the big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass-market.”