If you're considering buying a new home, recent trends suggest that it may be best to act sooner rather than later. The housing market has shown some promising signs that could benefit you as a buyer. Let’s take a look at how the market’s conditions could make your dream move more achievable than you may have thought.

Asking prices dip

Rightmove data shows that new seller asking prices dropped by 0.4% nationally in recent months.* While this may seem like a small change, it signals potential for buyers. With sellers adjusting their asking prices, buyers are gaining more negotiating power. For those who have been waiting for prices to stabilise after years of rapid growth, this dip in asking prices could represent an opportunity to enter the market at a more affordable level.
This is especially positive for first-time buyers who are trying to step onto the property ladder. As prices dip, the market’s conditions may allow them to secure a home without being priced out. It could also be a good time for those looking to upgrade their current homes or invest in additional properties, as sellers become more willing to negotiate.

Prices expected to rise in the future

While asking prices have dropped slightly, overall property prices are still projected to rise by up to 2% by the end of 2024.** This may sound negative at first, but it reinforces the importance of acting sooner rather than later. The recent dip in asking prices could be short-lived, so moving now is crucial.
If you're in a position to buy now, you're not only benefiting from the recent reduction in prices, but also from the potential for future growth. Waiting too long might mean paying more for the same property in a few months’ time, as prices inch back up towards the 2% increase predicted for the end of the year.

Supply is increasing

Another significant change in the market is the improving supply of homes for sale, which increased by 16% compared to July 2023.** This is a crucial factor for buyers, as greater supply means more options and less competition for each property. It offers buyers a better chance of finding a home that meets their needs and preferences.
As well as better choice, increased supply gives buyers more leverage when negotiating prices. Sellers who are competing with more properties on the market may be more open to dropping their asking price in order to secure a buyer. With more homes to choose from and sellers eager to secure buyers, there’s a greater possibility of finding value in the current market.

How we can help

If you’re considering buying a home, our expert team is here to help you take advantage of the market’s conditions and make your move a successful one. With our help, you could not only save money, but also position yourself perfectly to benefit from future increases in property prices.