Rightmove says sales agreed are falling across country in ‘challenging environment’

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Rightmove this morning reported further evidence of a slowdown, with sales agreed falling across most of the country.

However, Rightmove also reported a rise in property supply compared with recent Octobers.

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

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

There were also major regional fluctuations.

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%.

The portal also reported that new 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 price inflation is 1.4%.

Asking price hikes are the norm at this time of year, with Rightmove having recorded an increase in October every year since it started back in 2001.

During the September/October period measured, Rightmove had 104,519 new properties listed, up 3.1% from the same time last year.

Last September/October there were 101,423 new listings, and the year before there were 98,247.

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

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Written by: Houseladder