Published on 29th October 2024
UK housing market poised for strong autumn boost
Interest rate reduction sparks optimism as housing supply rises and market activity gains momentum.
The UK housing market is gearing up for a robust period, with signs of increased supply, heightened activity among buyers and sellers, and a fresh wave of confidence sweeping across the sector.
Following a recent reduction in interest rates, market conditions are becoming more favourable for the property market, with Gateway observing a notable uptick in enquiries and movement within the market.
Autumn renewal
Industry experts predict that the confluence of rising housing inventory and renewed market confidence will set the stage for a busy few months ahead.
Buyers, who had previously held back due to rising mortgage rates, are now re-entering the market, while sellers are responding to the demand with new listings.
This dynamic is expected to drive significant momentum for the housing market throughout the autumn.
According to Rightmove’s September House Price Index, a window of opportunity for Autumn presents itself, stating:
- The number of sales being agreed is up by 27% year on year, a strong rebound compared with last year’s more subdued market as pent-up buyer demand is released.
- Homeowners are more confident to come to market, with the number of new sellers up by 14% on this time last year, and the average number of available homes for sale per estate agent at its highest since 2014.