Back to all Blog 17 October 2022

Asking prices continue to climb as some buyers pause while others rush deals through

The vast majority of buyers who had already agreed their purchase are still going ahead,' says Rightmove, but some buyers 'have had their plans dashed by the sudden nature of the mortgage rate rises.

Rapidly-rising mortgage rates have understandably caused concern amongst many property-buyers, with some opting to pause plans to move home while others rush things through before before their lower fixed-rate mortgage offers expire.

Overall, “the vast majority of agreed sales are still going ahead,” reports Rightmove. Only 3.1% of agreed sales fell through in the two weeks following the ill-judged mini-budget; that’s in-line with the 3.0% over the same two weeks in 2019.

Average asking prices increased by 0.9% in the last month, according to the property portal’s latest index, to £371,158. That’s a slightly slower rate than the five-year October average, of +1.2%. But Rightmove says “there is little sign of downwards price pressure on existing properties for sale”, as the shortage of properties on the market continues to prop-up values.

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Read about our latest property news and get our regular property market updates from the team at Ian Green Residential, including specialist market news for Little Venice, Regent’s Park and St John’s Wood.

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