Are you considering selling your home in Bromley? While the process of selling a home remains the same, the season you choose to sell can make a big difference to the property market and the buyers you attract. Autumn might just be the perfect time to make that move. With increased buyer seriousness, less competition, steady house prices, and the Bank of England's recent base rate cut, there are plenty of reasons why selling your home this autumn could be a smart decision.
Increased buyer seriousness and motivation in autumn
Autumn brings with it a unique shift in the property market – a surge in buyer motivation that could benefit those looking to sell their homes. After the distraction of summer, when many of us take our holidays, people see autumn with a new perspective and shift gear from the relaxed pace of summer to a more determined approach.
Buyers in autumn are often more focused, having spent the earlier part of the year assessing the market and refining their requirements. With the year now drawing to a close, there's a palpable urgency to make a decision, leading to more decisive actions and serious offers. This sense of urgency doesn't just come from individuals; families are particularly motivated to transition into a new home in time for their children to adjust before a new school term begins in January.
House prices to remain steady
One of the standout advantages of selling your home during the autumn months is the stability of house prices. As predicted by Rightmove, average asking prices are expected to hold steady for the remainder of the year. Their latest forecast indicates a 1% increase in house prices by the year's end, compared to the start of 2023. This equilibrium is particularly beneficial for sellers who are keen to ensure their home sells for a fair and realistic price, reflecting its true value.
The steadiness in house prices during autumn creates an environment where both parties, buyers and sellers, can proceed with transactions feeling secure in their decisions. Buyers are reassured they are making a sound investment at a fair market rate, while sellers can take comfort in achieving a satisfactory sale without the need to drastically reduce prices.
Navigating a sale in such a balanced market can indeed make the experience of selling your home in autumn not just successful, but also incredibly rewarding. This period provides a golden window of opportunity where the conditions are ripe for achieving a favourable outcome for all involved.
Bank of England's base rate cut
The Bank of England's decision to lower its base rate at the start of August marked the first cut in four years. Rightmove's real-time data, which tracks shifts in the property market, shows a notable impact on home-mover activity. In July, buyer interest on Rightmove was already up by 11% compared to the previous year. However, since the rate cut, demand has surged further, currently standing 19% higher than this time last year. This uptick underscores the positive sentiment generated by the long-awaited reduction, motivating many to begin their property move.
Rightmove’s property expert Tim Bannister, says: “The first Bank Rate cut since 2020 has sparked a welcome late summer boost in buyer activity. While mortgage rates aren’t yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment. As the summer holiday season comes to an end, the conditions are there for a more active autumn market.”
Mortgage rates are continuing their downward trend, gaining momentum over recent weeks. The average five-year fixed mortgage rate is now 4.80%. Although this remains higher than levels seen three years ago, prior to the 14 consecutive bank rate hikes, it is a significant improvement from the 5.82% average seen this time last year.
This could be the perfect moment to showcase your home to an audience that's now better equipped to act on their interest. Embrace this autumn as your chance to move forward with confidence, benefiting from a financial landscape that's tilted in your favour.
Local insights
If you would like more information on the Bromley property market, please contact our team on 020 8467 8304.