Rightmove Price Index - What It Means For Sussex Sellers
Buyers have more choice and are taking their time. We look at what the latest Rightmove figures mean for sellers across Sussex.
More choice for buyers means sellers need to get the price right
The latest Rightmove House Price Index shows a market with plenty of homes for sale, but fewer buyers than this time last year.
The average asking price of a newly listed property fell by 2% in August, the largest August drop since 2018. Asking prices are now 1% lower than a year ago, while the number of available homes is at a 12-year high for this time of year.
It is worth stressing that these are asking prices rather than completed sale prices. However, they give us a useful picture of how sellers and agents are responding to current conditions to create positive outcomes.
A tougher market in the South
The national figures hide quite a significant regional divide. Asking prices across northern England are 1.5% higher than last year, while southern England has seen an average fall of 1.8%. That broadly reflects what we are seeing across Sussex. Buyers are still moving, but they have more choice and are taking their time. They are comparing properties carefully and are less inclined to view a home that appears expensive against similar alternatives.
This does not mean every property needs to be reduced. The best-presented homes, in the right locations and launched at a sensible price, are still attracting interest. The difficulty comes when an asking price is based on what a seller hoped to achieve, rather than what buyers are prepared to pay now.
Pricing matters most at the start
The first few weeks remain the most important part of a sale.
A property launched at the wrong price can quickly lose momentum. By the time the price is adjusted, buyers may have already dismissed it, found something else or started wondering why it has not sold.
Realistic pricing does not mean giving a property away. It means positioning it properly against the competition and making sure buyers see value from the start.
Sellers also need to look at the whole move rather than just the figure achieved on their own home. Accepting a little less can sometimes be balanced by negotiating more strongly on the property being purchased.
Could autumn bring more activity?
There are some encouraging signs. Rightmove recorded a 5% increase in buyer demand from late July, although overall buying activity remains around 10% below last year.
This could lead to a busier autumn after a quieter summer, but mortgage costs remain a factor. The average two-year fixed mortgage rate is now just above 5%, which continues to limit affordability for some buyers.
Our view is fairly straightforward. There is still a functioning market and committed buyers are out there, but sellers cannot afford to test an unrealistic price for several months. Good presentation, accurate pricing and a clear plan for the first few weeks will matter far more than waiting and hoping the market catches up.
If you are considering selling in Shoreham, Brighton & Hove or Lewes, we can give you an honest view of the current local market and how we would position your property to get the best price.
