Rightmove’s latest house price index reveals that landlords looking to exit the market due to high taxes and regulatory burdens may benefit from an encouraging “buyer buzz.” Despite a typical August drop in asking prices (down 1.5%), market conditions are improving. The recent Bank of England rate cut has triggered increased buyer demand and falling mortgage rates, creating a more optimistic outlook for the property market as summer ends.

The portal notes that this seasonal price drop is consistent with past trends, but the current climate shows a renewed buyer interest, which was absent during last year’s peak mortgage rate challenges. Rightmove highlights that the number of potential buyers contacting agents is up 19% compared to the same period in 2023, spurred by expectations of further rate cuts and more affordable mortgage options.

As a result, Rightmove has revised its 2024 forecast. Initially predicting a 1% drop in asking prices, it now anticipates a 1% rise due to positive market conditions and increasing buyer activity. Average five-year fixed mortgage rates have decreased to 4.80%, down from 5.82% in 2023, with the lowest available rates now reaching 3.83% for those with substantial deposits.

For landlords considering selling, these factors suggest a more favorable selling environment, driven by renewed buyer enthusiasm and easing financial conditions.