Unpacking the October 2023 Rightmove House Price Index

The October House Price Index has landed, and with it, lots of interpretation from agents as to what to do to keep buyers and sellers transacting as we approach the Christmas period. 

Media outlets may only focus on the negatives of this report, picking up on the stat that house price rises are at their lowest since 2008 (currently 0.5% so well below the typical 1.4% October norm). 

However, it’s best to start with the positives. Despite sales agreed being 10% below 2019’s more typical market level, this is an improvement on September’s 15%. 

Average asking prices across Great Britain are 3% below May’s peak, with new seller asking prices down 1.7% (equating to an average of £6,088). There is an element of seasonality to this, as a lot of sellers tend to set prices that fall in line with the quieter lead-up to Christmas. However, these are the lowest figures seen for five years, indicating that even new sellers are being advised to price right from the get-go, rather than reduce at a later date. 

As always, Rightmove claims that Boxing Day is still one of the busiest days of the year for property activity, and therefore with these current statistics, pricing right to catch buyers first time is more prevalent than ever.

Thanks to two base rate holds, buyer demand is in line with what Rightmove was seeing back in 2019. ‘Buyers are still out there’ says Tim Bannister of Rightmove, ‘although due to mortgage rates, their affordability is reduced somewhat.’ Once again, capturing the attention of buyers the first time around is crucial to a successful sale. 

As we creep ever closer to the end of the year, most of the key indicators suggest that whilst 2023 has been a challenging market, it’s proven to be slightly more positive than many had initially predicted. 

If you have any questions about the current property market, contact us below.