October's House Price Index: average new seller asking prices rise

According to October's Rightmove House Price Index, the average new seller asking prices have risen by 0.5%, or £1,950, now standing at £368,231. Yet, sellers struggling to align their expectations with market dynamics find themselves in a tough spot. The bottom line? In this price-sensitive market, grabbing buyer attention from day one is non-negotiable.

Did you know, properties receiving their first buyer enquiry on the first day of marketing are 60% more likely to find a buyer. At Redbrik, we take pride in showcasing your property beautifully to the right audience, ensuring you get the best price your property truly deserves.

Amidst the fluctuations, the mortgage market provides a semblance of stability. Average fixed mortgage rates have witnessed an 11-week decline. The two-year fixed rate has dipped below 6% for the first time since June, offering a slightly improved buyer affordability compared to the same period last year, with the five-year fixed rate also decreasing from 6.08% to the current 5.43%.

Sellers, immediate momentum is key. Properties priced accurately are 50% less likely to face sale uncertainties. Combine this with an effective marketing strategy to generate first-day enquiries, and your property stands a 60% higher chance of finding a buyer.

Buyers, the mortgage market is stabilising, translating to increased property affordability. Partner with a knowledgeable agent who understands your needs and can keep you in the loop about new market entries.

In a market more price-sensitive than ever, realistic pricing remains the foundation. Sellers opting for modest pricing often attract multiple buyers, leading to more favourable agreed-upon prices.

Whether you're selling or buying, the key is to stay ahead. Book a valuation with us today.