Across the UK, the average asking price has edged up by 0.3% in October to £371,422, a fairly modest rise, but one that in many ways speaks of resilience – or perhaps even stubbornness, given the challenges we face – rather than momentum.
The oft-referenced “autumn bounce” that frequently sees sellers push for higher prices, hasn’t materialised this year after the normal summer sluggishness. In fact, this October’s increase is well below the ten-year seasonal average, which normally sees prices climb by an average of 1.1%.
Part of the reason behind this is a decade-high number of homes now for sale, a national story but a trend that we are also seeing mirrored here in Edgware, where there are currently around 500 properties listed for sale on Rightmove. Listing numbers are in fact up year on year – and new buyer registrations too, according to the October Rightmove Index report.
However, those new listings are up by 5%, whereas buyer levels have increased by 2% by comparison. It means buyers have plenty of choice, and in turn – in a situation where supply outstrips demand – sellers are having to stay realistic when it comes to price setting.
For all that, the tone of this month’s report is calm rather than gloomy. Year-on-year national asking prices are almost flat (–0.1%), but on a positive note, the number of agreed sales since January is actually up by 5% compared with 2024. In short: the UK property market is ticking along, at a sensible pace.
Here in Edgware, the picture is a little cloudier than the national one that Rightmove’s report focuses on – but nevertheless, it is a local picture that is improving. The average property price sits at just under £554,000, around 3% lower than a year ago, according to Rightmove’s data. But that dip of 3% over 12 months is better than what I reported in my article for this website just a month ago, when prices were 5% lower than they had been the year previously – and that had been a drop from the 4% fall I reported in my update in July – see article here.
It means that, over the space of the past 3 months, the annual property price drop in Edgware has gone from 4%, to 5%, but now shows a drop of 3% over 12 months… in other words, those annual property price decreases are perhaps turning a corner, and now heading back towards equilibrium.
Importantly, this is very much bucking the trend across London, where average prices have now fallen 10% over 12 months, and looks a little more akin to what property values are doing in the neighbouring Home Counties.
Transaction levels themselves are also holding firm – but it is not easy work. We have no shortage of buyers making enquiries, and our own sales numbers are healthy – but transactions are taking their time. The recently released ‘Voice of The Agent’ report (part 4) puts the average time a property remains on the market, from first listing to the transaction going through, at 196 days – including 119 days for the conveyancing process now, once a sale is agreed. That is well over six months.
That seems lengthy to us, and tardier than our own performance at Petermans Estate Agents, but nevertheless it perhaps spells out wider market problems – and, although most of our sales are progressing quicker than this, we aren’t immune to problems that crop up in chains; solicitors somewhere down the line requiring a deed of variation, indemnity policies being sought, or simply worries amongst stakeholders in the chain who need to be talked down from doing something that all might come to regret. This latter issue comes about not least because that distant Budget date of November 26 is starting to seem almost within reach: ‘Should we hold off to see what comes up in the Budget?’ – ‘well, it’s your choice, but if you do then your chain won’t wait…’.
This is a conversation we and other agents are having frequently.
Buyers aren’t rushing, but there are plenty out there and an agent can do things to sift those potential buyers carefully, in order to identify those that are truly serious, with reasons to commit to moving.
Sellers are becoming more realistic, and when a home is priced right from the start, it sells. The properties that move the quickest are those that launch well, with great photography and descriptions, perfect presentation on viewings (not just in photos), and come with a sensible asking price. It might take a viewing or two extra, and negotiations can be a little stickier and trickier at the moment – but nonetheless, it is steady as she goes right now, and that’s no bad thing.
The truth is, Edgware is a sought-after destination, and not only does that keep our market moving, but when the time comes that the market does pick up again in earnest – which we expect to see in the New Year or Spring – this demand will be the reason that our local market bounces back quicker and faster than in some other places.
If you’re thinking of selling, it’s important to know that the market is moving, but that conditions are more stubborn than previous recent years. Of course, that means that competition from other properties will be greater. I can’t understate the importance of having clarity and confidence in your marketing. The best results still come from homes that are presented well, staged and photographed professionally, and importantly are priced thoughtfully and competitively.
With more properties available on the market, buyers have options – but that doesn’t mean that they won’t act decisively when something stands out.
Getting the right advice, focusing on cleanliness, tidiness and presentation, and launching with a refined strategy rather than a ‘throw it at the wall and see what sticks’ approach can make all the difference in this sort of market – especially if it is important to secure the right offer before winter itself rolls in.
Prices have fallen, but given the recovery over the past month it is clear they aren’t crashing by any means. They are stabilising, at the moment, having raced ahead of the market in previous years; it is no surprise to see something of a reset this year.
Mortgages are still more affordable than a year ago, but average mortgage rates have inched upwards this month, for the first time since February. This might be a reason to speak to a mortgage adviser now and perhaps secure a rate, in case they rise further. You can always switch to a lower-rate product if prices come down before any purchase is made – and seeing inflation hold at 3.8% this week, for the third month running, there is now a little more talk about another base rate cut this year after all.
One other advantage of this market is the number of properties available. There is simply more choice out there for buyers right now, which means it is easier to find the right fit, without the frenzy that we have witnessed in other recent years.
If you’re a house-hunter that has been waiting for the ‘right moment’, this might be it. Sellers are open to fair negotiation, and the playing field feels more balanced than it has in a long time. Who knows, perhaps things could change – but, they could equally change in a way that sees property prices rise. It’s always a risk, so our advice is to move when the property and timing is right for you – not when the ‘best deal’ is to be found.
Those who wait for the ‘best time’ or the ‘best price’ might wait forever!
1. Is now a good time to sell a house in Edgware?
Yes. The market is steady, and sluggish but not slow. This means well-presented homes priced sensibly are still achieving strong offers. With plenty of buyers active and more listings creating competition, good marketing really matters.
2. What are average house prices in Edgware right now?
According to Rightmove’s latest data, the average asking price is a little under £554,000, but it depends on property type.
3. How long is it taking to sell a home in Edgware?
Across the UK, the average time from listing to completion is around 196 days, including about 119 days for conveyancing. At Petermans, our own figures show properties transacting faster, but we are not immune to hold-ups in chains.
Edgware’s property market is, broadly speaking, in line with the national picture in terms of sentiment – sluggish, but still active. That said, it is clear that prices locally have dipped, whereas in other parts of the UK, they have levelled out or even started to rise again. By comparison to the general London market, prices have fallen less dramatically, seeing a 3% drop rather than 10% London average drop in those same 12 months. That 3% drop in itself isn’t as dramatic as it might seem, given that this month shows an annual drop that is less than the annual drop had been just a month ago. It points to this being something of an unsurprising recalibration.
In many ways that is exactly why our local market is functioning. Sellers here, whilst seeing average prices drop, still have equity in their homes, and this allows sales to happen and for onward purchases to still take place.
Realistically, it is not about timing the market. It is about understanding it; and that’s where we come in. We have seen this sort of market before, and that experience really matters, when it comes to finding a sensible pair of hands to operate the tiller.
If you have any questions about the current market and what it means for your house price or your potential move, then please contact us – we are always happy to give people not just time, but more crucially still, the benefit of our experience.
We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.