Rightmove report -  First drop in prices this year signals buyers’ market in second half of 2019

First drop in prices this year signals buyers’ market in second half of 2019

  • The price of property coming to market falls by 0.2% (-£656), the first monthly fall so far in 2019
  • Key metrics indicate a buyers’ market in the second half of 2019:
  • Less property is coming to market, but it is taking longer to secure a buyer, so estate agents’ average stock per branch is at its highest since July 2015
  • Time to secure a buyer is at the longest at this time of year for six years
  • Prices of newly-listed property down by 1.1% this month in the upper sector of four-bedroom-plus homes, while lower and middle sectors holding their prices better this month and year-on-year
  • Market fundamentals remain sound apart from confidence, and buoyant mortgage approvals indicate more resilient activity in the lower and middle sectors. It is buyers at the upper end, who are less likely to need a mortgage, who appear most hesitant to engage