August Rightmove House Price Index
Explore the latest housing market trends with our overview of Rightmove's August House Price Index.
Get the latest insights on the housing market with our overview of Rightmove’s latest House Price Index.
Market Sees Seasonal Drop Amidst Positive Activity
The average price of property coming to market for sale drops by 1.5% this month (-£5,708) to £367,785, following the typical seasonal trend seen every August for the past 18 years. However, the market is showing positive signs of increased activity, fuelled by the first Bank of England rate cut in four years.
Increased Buyer Activity
Since the Bank Rate cut on August 1st, the number of potential buyers contacting estate agents has jumped to 19% higher than the same period last year. This surge in buyer interest is a significant improvement from July, where demand was up by 11% year-on-year.
Stable Sales and Seller Confidence
Sales activity remains strong, with the number of sales agreed now 16% ahead of the near-peak mortgage rate period of a year ago. The number of new sellers coming to market is also up by 5% compared to last year, reflecting growing confidence among homeowners.
Mortgage Rates and Outlook
Mortgage rates continue to decline, with the average 5-year fixed rate now at 4.80%, down from 5.82% a year ago. Rightmove has revised its 2024 forecast from a 1% drop to a 1% rise in new seller asking prices, anticipating a positive autumn market as conditions continue to improve.
Regional Variations
Price trends differ across the UK, with the strongest price growth seen in more affordable regions, while higher-priced areas experience more significant declines. The market is expected to maintain its momentum, supported by increased buyer activity and improving mortgage conditions.
Future Outlook
The housing market is expected to see continued growth through the autumn, with small price rises anticipated, followed by the usual seasonal adjustments at the end of the year. The timing of further Bank Rate cuts will be crucial in sustaining market confidence and activity.
For more detailed insights, visit Rightmove's House Price Index.
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