Rightmove says the housing market remains ‘surprisingly resilient’
The average price of property coming to the market rose by 0.7%, or £2,587, in September to £367,760, the Rightmove House Price Index shows.
Rightmove says the housing market remains ‘surprisingly resilient’ – despite growing economic pressures.
Other points of note from the Rightmove report include buyer demand is up 20% on the pre-pandemic five-year average, and the cut in stamp duty could stimulate extra demand over the next few months.
The stamp duty cut means that two thirds of homes (66%) are now exempt from stamp duty for first-time buyers in England, and a third of all homes are exempt for all buyers (33%).
Tim Bannister, Rightmove’s Director of Property Science, said: “The housing market continues to be extremely resilient even in the face of the economic headwinds that are stretching household finances.”
He said that rising cost of living is increasingly playing a role in some buyers’ considerations, as they look at their budgets and what they can afford.
He said demand has been softening over the last few months, but the stamp duty cut announcement is likely to stimulate some more demand.
“If it does lead to a big jump in prospective buyers competing for the constrained number of properties for sale, then it could lead to some unseasonal price rises over the next few months,” he commented.
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