Lowest October asking price increase since 2008

Average new seller asking prices increase by 0.5% (+£1,950) this month to £368,231, the smallest average asking price increase at this time of year since 2008, and well below the historic norm in October of 1.4%.

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The number of sales agreed are 17% below this time last year, as those sellers who are struggling to adjust their price expectations to match current activity levels are finding that their homes are being left on the shelf.

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The number of buyers enquiring to each available home for sale is 8% higher than the more normal market of 2019.

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Importance of immediate buyer interest: if a property receives its first buyer enquiry on the first day of marketing rather than after two weeks, then Rightmove data shows that it is 60% more likely to find a buyer.

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The proportion of homes that are finding a buyer has dropped from eight in every ten at the height of the frenzy, to a more subdued sales rate of six in every ten, making pricing competitively more critical to really stand out.

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OneAgency can help you whether you are looking to buy, sell or let within Stoke-on-Trent and surround areas. If you want to speak with an expert, get in touch today on 01782 970222.