The sales side of the housing market may be strongly in recovery mode but it’s still highly price sensitive – so if you’re selling up this autumn, don’t be too bold on the asking price.

That’s the view from Rightmove, whose director of property science – Tim Bannister – says: “The average property is still taking 60 days to find a buyer, which is three days longer than at this time last year even with better market conditions. This suggests that value-conscious buyers are taking their time to find the right home at the right price, leading to a two-speed market. 

“Attractive homes priced accurately are likely to be met with interest from buyers quickly, while overpriced or poorly presented homes may languish on the sidelines. Additionally, though the downward direction of mortgage rates is welcome for mover sentiment, they remain high when compared with recent years.”

Rightmove’s weekly mortgage tracker shows that the average five-year fixed rate is now 4.67%. While this is lower than the peak of 6.11% in July 2023, it is still nearly double the 2.34% of this time three years ago, before the first of 14 consecutive Bank Rate rises. While some can afford to move and are seizing the current window of opportunity to act, others will still need to wait for mortgage rates to reduce and affordability to improve further.

The latest Rightmove asking price index shows a rise of 0.8% (+£2,974) this month to £370,759. September usually sees a monthly rise in prices, but this year’s increase is double the long-term average, with prices supported by increased activity levels.

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.

Bannister continues: “The autumn action has started early with a strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected summer market. The certainty of a new government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act. 

“Some of this will be pent-up demand from those who had to hit the pause button until now. However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease.”

He adds, however, that there are still some uncertainties ahead, with all eyes initially on whether the Bank of England decides to opt for a second consecutive rate cut later this week. Looking further ahead, we wait to see which segments and sectors of the market may be affected by the Autumn Statement. Rightmove’s real-time data suggests that some sectors are already reacting to the widely mooted increase in capital gains tax, with a record proportion of former rental homes currently on the market for sale, suggesting more landlords are selling up.