September continues to bring positive trends in the housing market, with double-digit growth in sales activity supported by the lowest mortgage rates in 15 months. Buyers are taking advantage of competitive rates, with the average 5-year fixed mortgage for a 75% LTV loan now at 4.3%, compared to 5.5% a year ago. This drop has helped fuel a 26% increase in buyer demand, while sales agreed are up by 25% compared to the previous year.

House Price Growth Remains Modest

Although sales activity is up, house price inflation remains steady. Nationally, house prices have increased by 0.7% , up from -0.3% last year. In West Berkshire and across the South East, house prices are slightly lower by -0.2% compared to a year ago, but elsewhere, prices are up by as much as 2.2%. London has seen a notable turnaround, with prices moving from -1.7% to +0.5% over the past year.

More Homes Coming to Market

The number of homes for sale has risen by 12% year-on-year, providing more options for buyers. Many sellers are also buyers themselves, contributing to this increase in supply. However, setting a realistic asking price is crucial, as buyers remain price-sensitive. Around 37% of sales are being agreed at 5% or more below the asking price, highlighting the need for competitive pricing in order to secure a sale.

Tax Changes and Chain-Free Sales

Speculation about upcoming tax changes has prompted more second-home owners and landlords to sell, with 32% of homes for sale being chain-free. This trend is particularly evident in coastal and rural areas, where supply has increased by over 40%.

According to Zoopla, the outlook remains positive as lower mortgage rates and rising household incomes are expected to boost affordability and sustain sales volumes. However, with buyers remaining cautious, sellers need to manage their pricing expectations to secure timely sales in a market where modest house price growth is forecast.

How Emmett Bloom Can Help

At Emmett Bloom, we work closely with West Berkshire homeowners to navigate the constantly shifting property market. We ensure our clients understand the importance of market trends and pricing properties realistically to achieve the best outcomes.

If you’re thinking about selling or buying a home this autumn, get in touch with us. We’re here to answer your questions and help you through every step of the process.

Sources: Zoopla House Price Index – October 2024.