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Covering West Essex

Your Local
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Rightmove: sales agreed are down across the country in ‘challenging environment’

The UK’s #1 property portal, Rightmove has reported further signs of a slowdown, with new sales agreed falling across most of the country.

In contrast, there was a rise in property supply this October compared with the same month in previous years. 

Rightmove said that in a “more challenging environment”, sales agreed numbers were down last month in nine regions compared with September 2016.

Despite this, sales agreed during the nine months to this September were 1.1% ahead of where they were a year ago.

In addition, major regional fluctuations added to the mix.

In London, sales agreed over the last month were down 9% on a year ago and in the south they were down by 7.9%.

In the northern region, sales agreed activity was down by 3%.

Rightmove also said that new to market sellers are asking higher prices in eight out of the ten regions.

New asking prices jumped an average of 1.1%.

The average asking price of a property new to the market between September 10 to October 7 stood at £313,435, up from the previous figure of £310,003. The annual rise in asking prices increased 1.4%.

Rightmove having recorded an increase in asking prices in October every year since it started back in 2001, saying that it was normal to see price hikes at this time of year.

During September to October, Rightmove reported 104,519 new properties listed, up 3.1% from the same time last year.

September to October 2016, there were 101,423 new listings and 98,247 in 2015.

The average time for a property to go “under offer” is 63 days, and the average stock per branch, including properties under offer, is 60.

 

The Property Ombudsman Trading Standards Rightmove