August on par with 10 year average
property news

August on par with 10 year average

Published 31st August By Jennie Fundell
minute read
Given the political and economic head-winds, the property market has remained incredibly robust in August.  Unsurprisingly we have experienced the effect of the holiday season creating the feel of a quieter period, but demand remains incredibly strong and new stock continues to come to market.  

For the right house, priced correctly and in the right location, there is huge interest.  We are still seeing multiple offers and sealed bid situations, although paradoxically we are also now starting to see price reductions creeping in on a few properties.  Whilst this might indicate a cooling in the market, as seen recently with Rightmove recording their first asking price decrease this year, we see it as a reflection of a normal summer market with a more measured approach from buyers. 

Some key findings of the August Rightmove House Price Index highlights:
•    Price of property coming to the market sees first fall this year, down 1.3% in the month to £365,173 (-£4,795):
o    Prices usually drop in August, and this 1.3% drop is on a par with the average August correction over the past ten years
•    Demand appears to be softening and supply constraints are improving, but there is still a massive imbalance:
o    Buyer enquiries to agents are down 4% on the hot market of 2021, but remain 20% higher than 2019
o    New listings are up by 12% on the same period last year, but are still 6% down on 2019, while available stock is down 39% on 2019
The sixth consecutive interest rate rise will of course be a factor for would-be home buyers, however, disparity between supply and demand continues to keep house prices resilient.  
Reassuringly whilst we may be entering a period where asking prices soften, long-term property is still a good investment.  In the same Rightmove report they also stated “August marks 20 years of Rightmove’s House Price Index, with national average asking prices more than doubling in those 20 years (+134%), from £155,994 to £365,173”.  

The rentals market continues to be stock-starved.  As with the sales market the lack of supply and increased demand means that asking prices remain incredibly resilient.  The more transient workforce has come back to the rentals market, which has put added pressure on demand for smaller apartments and houses.  We are experiencing an increase in commercial premises applying for Change of Use, giving local residents mixed-use space.  This is adding to the rental stock locally and still keeping the HIgh Street alive.    

As ever, if you need any help with selling, renting, buying, commercial or agricultural property, we would be delighted to help.   Contact your nearest branch today.  

Photo by Isaac Smith on Unsplash

Similar news


Looking to sell?

Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.

We are the no.1 choice in Surrey

We provide free property valuations which are based on local market trends and current buyer and tenant feedback, to give you the most accurate market appraisal on your home.

× Share this page:

Tenant Info for branch