After years of stock shortages in the housing market, the number of homes currently for sale has hit a 10-year high according to Rightmove, which also reports that average asking prices for homes being listed for sale have risen nationally by 0.3% this month.

25 October 2024

In addition, Rightmove’s data shows the number of homes sold is up 29% year on year and the number of people contacting estate agents has increased by 17% compared to the same point last year.

Although average new seller asking prices rising by just 0.3%, or £1,199, this month to £371,958 is lower than the average seasonal 1.3% monthly increase for this time of year, Rightmove suggests it’s because buyers currently have more choice, with the number of available homes for sale 12% higher than a year ago. According to Rightmove, this is the highest per estate agent since 2014.

Yorkshire and the Humber is one of six out of 11 regions where monthly asking prices have dipped during October, albeit by a modest 0.1% meaning the average asking price is now £251,026. However, this follows a 0.3% increase last month and is still 1.2% higher than 12 months ago.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “Across our offices we’ve seen a surge of new instructions in recent weeks with many potential home movers spurred on by this summer’s interest rate cut, which was the first since 2020, and the financial markets currently predict further cuts before the end of the year.

“Although asking prices usually spike during October, the increase in the number of homes for sale, which is offering buyers more choice and creating more competition, reinforces the need to price competitively in what is more of a buyers’ market. There’s also an element of caution surrounding the upcoming Budget, so we’re not surprised to see prices holding steady this month.”

Tim Bannister, Rightmove’s director of property science, commented: “This month’s subdued price growth, comes as buyer choice soars to a level not seen since 2014. With the ball in the buyer’s court and the pick of a big crop to choose from, sellers need to be pricing competitively to find a buyer, particularly with affordability still very stretched. Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year. We’re not seeing activity slow down, but some estate agents report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.

“Despite a Budget-shaped cloud on the horizon, the big picture still looks positive for the market heading into 2025. Market activity remains strong, despite affordability pressures on movers. Once we have more certainty about the contents of the Budget, hopefully followed by speedy second and third Bank Rate cuts, we could see another surge in market optimism like we had in the Summer. Affordability is still the biggest barrier facing many movers, with mortgage rates still high, so if the expected two cuts come to fruition it could be the boost that many buyers-in-waiting need. 2025 could see the return of the previously priced out buyer.”

Dacre, Son & Hartley was founded more than 200 years ago and is Yorkshire’s largest independent estate agent with 20 offices across North and West Yorkshire.