Rightmove Price Index - What It Means For Sussex Sellers
The Sussex property market remains steady this spring, with motivated buyers, improving mortgage rates and pricing realism key.
May Market Update: Confidence Holds Firm as Buyers Gain More Choice
The latest figures from Rightmove paint an interesting picture for the property market this spring. Despite ongoing cost-of-living pressures and wider economic uncertainty, the market has shown surprising resilience heading into summer.
Nationally, the average asking price of newly listed homes rose by 1.2% in May, taking the average property price to £378,304. That increase is slightly stronger than the usual seasonal uplift we tend to see at this time of year, suggesting that confidence among sellers and buyers remains relatively steady.
However, beneath the headlines, the market is becoming increasingly price-sensitive, particularly across our local areas.
A More Competitive Market for Sellers
One of the biggest themes emerging this month is choice. Buyer choice is now at its highest level for this time of year since 2015, giving purchasers more room to compare properties and negotiate.
For sellers across Sussex, Brighton, Lewes and Shoreham especially, realistic pricing is becoming more important than ever. Rightmove reports that around 32% of existing listings have already seen a price reduction. Even more interesting, homes that require a reduction are taking an average of 127 days to sell, compared with just 36 days for properties priced correctly from the outset.
In simple terms, ambitious pricing is slowing down your move.
We are seeing similar trends locally. Well-presented homes that are launched at sensible, evidence-based prices are still attracting strong interest and competitive offers. Properties that enter the market too high are often sitting longer while buyers explore the growing number of alternatives available.
A Clear North-South Divide
Affordability continues to shape the UK market, creating a noticeable regional split.
More affordable northern regions are still seeing annual price growth, with the North East up 2.7% and the North West up 2.6%. Meanwhile, London prices are down 2.4%, and the South East has fallen by 1.6% year-on-year.
For Sussex homeowners, this does not signal a market crash. Instead, it reflects a more balanced market where buyers are carefully weighing mortgage costs and monthly affordability before making decisions.
The good news is that demand has not disappeared. Buyers are still moving where budgets allow, particularly for homes that represent good value.
First-Time Buyers Are Still Active
Encouragingly, the first-time buyer market continues to hold up well.
Sales agreed in this sector are only 4% below last year, despite mortgage rates remaining considerably higher than they were a few years ago. Average first-time buyer prices have dipped slightly by 0.7% year-on-year, helping ease affordability pressures for those trying to get onto the ladder.
This is particularly relevant in areas such as Brighton and Hove, where affordability remains one of the biggest challenges for younger buyers.
Mortgage Rates Offer a Small Boost
There has also been some welcome movement on mortgage rates.
The average two-year fixed rate has dropped to 5.18%, down from 5.42% last month. While rates are still elevated compared with the ultra-low borrowing era, even modest reductions can make a meaningful difference to monthly repayments.
Combined with lenders becoming slightly more flexible on affordability calculations, this has helped keep many buyers active through the spring market.
What This Means Locally
Across Sussex, we are continuing to see committed buyers in the market, particularly for:
- Well-priced family homes
- Coastal properties with outside space
- Homes close to stations and commuter links
- Character cottages and period properties in desirable villages
However, buyers are taking more time, carrying out more comparisons, and negotiating more confidently than they were during the fast-moving post-pandemic market.
For sellers, preparation and pricing strategy are now critical. A realistic launch price, strong presentation and a proactive marketing approach are making the biggest difference between homes that sell quickly and those that linger on the market.
Looking Ahead
As we move towards summer, the market feels steady rather than spectacular, which in many ways is a positive sign after several years of volatility.
There is still activity, buyers are still motivated, and confidence remains present where affordability aligns. The challenge for sellers is recognising that today’s buyers are informed, cautious and spoilt for choice.
If you're considering a move this year, getting expert local advice before coming to market has never been more valuable. Our teams are experienced and here to help, so get in touch using the link below.
