Home seller hibernation hits property market according to latest Rightmove House Price Index

Rightmove logo

The latest index shows that: –

  • The price of property coming to market falls by 1.3% (-£3,904) this month, and while drops are usual at this time of year it suggests opportunities for buyers to find a winter bargain
  • 14.9% fewer new sellers than in the same period a year ago, deterred by lacklustre price growth and political uncertainty, the largest year-on-year slump in any month since August 2009
  • In contrast, the number of sales agreed falls by just 2.9% compared to this time last year:
  • Larger properties (four bedrooms or more) are the most active sector, with just 1.4% fewer sales agreed compared to 2018, as buyers benefit from prices 1.2% cheaper than last year


  • The East Midlands is the only region of the UK to see a monthly increase


  • Prices are down -1.4% on a month to month basis in London, -0.8% annually


  • Tower Hamlets has seen the largerst annual increase at 3.5% compared to a drop of -6.1% in Richmond at the other end of the table


Director of Benham and Reeves, Marc von Grundherr, commented:

“A seasonal slump in asking prices is always to be expected at this time of year, but the drastic reduction in the number of homes on the market indicates that many sellers have already gone into home selling hibernation. With next month’s election, many sellers will no doubt choose to remain there until the dust of political uncertainty has settled in the New Year, despite buyers continuing to tough it out.

As always, regional differences are apparent with the East Midlands the only area to buck the month on month trend of a fall in asking prices, while on an annual level we continue to see notable swings in growth across the nation. This is largely down to affordability in tough market conditions and the price sellers are willing to accept with the less affordable areas seeing the largest adjustments in order to secure a buyer.

London continues to see some of the largest annual declines in price but the granular nature of the capital’s property market means that not everyone is feeling the chill. While the market has frozen over in some boroughs, others are performing well and the varied nature of the London landscape is evident in a seven percent monthly swing between Tower Hamlets and Haringey. A one percent difference for every mile between them.”

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Breaking News

Breaking Property News – 28/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Birchgrove and Hybr launch intergenerational living scheme A unique partnership will see students, key workers and retirees live together at new north London retirement development. Birchgrove, the UK’s leading provider of rented retirement homes, and Hybr, the UK’s leading student letting platform, today announce an industry-first…
Read More
Estate Agent Talk

Benefits Of Choosing Roger Bates Properties

Roger Bates Properties stands out as a prominent real estate agency that offers a myriad of benefits to individuals seeking to buy, sell, or invest in real estate. With a stellar reputation and a commitment to excellence, choosing Roger Bates Properties can prove to be a decision that yields numerous advantages. 1. Experience and Expertise…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 28/02/24

The average 5-year fixed mortgage rate is now 4.80%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.15%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.73%, up from 4.64% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.30%, up from 4.25% a year ago The average monthly mortgage payment on a…
Read More
Love or Hate Rightmove
Breaking News

Rightmove calls for stamp duty reform with only 4% of London homes exempt

Ahead of the Spring Budget on March 6th, the UK’s biggest property website Rightmove suggests three policy reforms that could help people moving home: A reform of stamp duty to consider regional property price variations: Only 4% of homes in London are stamp duty exempt for all buyers, compared to 71% in the North East Less than…
Read More
Breaking News

Breaking Property News – 27/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Alto reveals ‘next generation’ of Lettings Progression Alto, software for estate agents and part of Houseful, has revealed further information about the improvements being rolled out in 2024 to drive a step change in business efficiency for letting agents. Leading the way is a…
Read More
Home and Living

The Versatility of Parquet Flooring in Contemporary Homes

What comes into your mind when you hear about parquet flooring? Most probably Victorian era, historic estates, grand ballrooms, and grand mansions but what if I tell you that the parquet flooring has redefined itself with warmth, texture, and classic elegance? Parquet flooring in contemporary homes is a delight to the eyes because when you…
Read More