October 2024 Rightmove House Price Index: Prime Markets and Country Homes Experience Steady Demand Despite Market Shifts

The latest Rightmove House Price Index for October 2024 has revealed modest growth in the UK housing market. National asking prices have increased by only 0.3%, significantly below the usual autumn bounce of 1.3%. The average national asking price now stands at £371,958.

The soft price growth is primarily due to an increase in housing stock, with 12% more properties available on the market compared to last year. However, buyer activity remains robust, with a 17% rise in enquiries and a notable 29% increase in sales agreed compared to this time last year. Despite economic uncertainty, the market remains active, with many buyers willing to purchase well priced properties.

Ross D’Aniello, Managing Director of Chartwell Noble, commented:

"In the prime and country house markets, we’re seeing a slightly different picture than the broader market trends. Although the increase in available properties is offering more negotiating power to buyers, demand for premium homes—particularly in the region’s rural and semi-rural areas—remains robust. High-end buyers, particularly those looking for country homes, continue to value privacy, space, and lifestyle amenities, which are in greater demand than ever before.”

"The surge in country house demand has remained consistent, especially as more people seek lifestyle changes post-pandemic. Many of these buyers are less affected by mortgage rates due to higher liquidity or cash purchases, which allows for more flexibility and stability in this segment. This is particularly true for properties in desirable rural areas, where properly marketed properties often receive strong interest even before they officially hit the market."

Ross advises caution though; “At all levels the market remains incredibly prices sensitive.  Properties that are priced correctly get a great deal of attention, those that are marketed ambitiously are likely to linger however.”

Despite broader market pressures, Ross believes the prime market will hold its strength:

"In the prime market, we expect to see continued demand driven from  international buyers. These buyers are often less price-sensitive, seeking unique homes with long-term investment potential. Sellers in these segments should focus on showcasing the exclusive qualities of their properties and prepare for more discerning, well-informed buyers. As an agency, we are finding that leveraging innovative marketing methods and technology is key to capturing this audience."

With affordability remaining a critical factor for many buyers, particularly in the core/mid market, the country and prime markets are expected to maintain resilience.

Ross concluded:

"Looking ahead, while the budget could have implications for the broader market, the prime and country house markets are well-positioned to weather potential economic shifts. Buyers in these segments are less likely to delay their decisions based on short-term economic fluctuations and more focused on the unique lifestyle and investment opportunities these properties provide."