Serious buyers and sellers lead to lowest fall throughs since 2015
Buyers and sellers who’re serious about moving and finding their happy have helped underpin a price-sensitive market, new Rightmove data has shown.
The number of sellers coming to market is down by 13.5% compared to this time last year, as sluggish prices and October’s Brexit deadline put off speculative sellers.
But steadfast buyers have ensured there is more chance of getting a sale completed, with data showing the percentage of sales agreed that have fallen through this year is the lowest since 2015.
Rightmove’s property expert Miles Shipside said: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.
“Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell. Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives.”
Rightmove’s data scientists have seen a smaller than usual Autumn price bounce, with the price of property coming to market seeing its lowest monthly rise at this time of year since October 2008, up by just 0.6% (+£1,942).
Whilst potential sellers are perhaps being deterred by the lack of price momentum, with not only a muted monthly price rise, but also average new seller asking prices 0.2% lower than this time last year, the number of sales agreed is virtually unchanged (-0.5%) from the same period a year ago.
Shipside added: “This is a price-sensitive market, so if sellers are not willing to be realistic on their initial asking price, or to accept a lower offer, they can end up wasting time for both themselves and their agent.
“Sellers who are coming to market are fewer but more serious, and buyers seem to be serious too, with the number of sales agreed almost unchanged. Both parties are then working harder to successfully guide their precious “subject to contract” sale through to successful completion. Many people feel that finding their ideal property is a strong foundation for finding their happy at home, so it’s worth fighting for that comforting certainty in these uncertain times.”
To read October’s House Price Index in full, click here.