Comments from Matt Hill, DB Roberts Sales Director: 

"Compared to last year, we're seeing a much more positive property market this August. Our sales rates are up by 20%, and both sales and instructions have increased, which is bucking the trends from the news we're hearing from the industry. Prices are stabilising and finding their level, but like any agent, we're actively seeking more stock to meet the demand." 

An overview of Rightmove’s August House Price Index:

This summer, sellers are finding renewed energy in the housing market compared to the high-mortgage-rate environment of last year. The Bank of England’s first rate cut in four years has spurred a drop in mortgage rates, boosting buyer demand and setting the stage for a more active autumn market.

The rate cut has led to a notable 19% increase in potential buyers contacting estate agents compared to the same period last year. The combination of improving economic conditions and increased political stability has further bolstered buyer confidence.

In light of these trends, Rightmove has revised its 2024 forecast. Initially, they had predicted a 1% drop in new seller asking prices, but now they anticipate a 1% rise over the year. This revision reflects the growing optimism in the housing market as we head into autumn. Although uncertainties remain, such as the upcoming October Budget and potential further rate cuts, the market is set for a positive close to the year.

With a 16% increase in sales agreements and a stable 5% rise in new sellers entering the market, the housing sector shows clear signs of recovery. As we move into autumn, these favourable conditions are expected to drive further market activity, paving the way for a dynamic and positive end to the year.

Whether you're looking to buy or sell, now is a great time to get in touch with us. Contact us today for a free valuation and let us help you make your next move!