With slower price growth, more homes on the market, and new incentives for first-time buyers, the outlook for property buyers is looking bright.
While getting a foot on the property ladder can be an expensive and stressful endeavour, experts say that the current market offers promising opportunities for buyers.
Rightmove expert Tim Bannister believes that, for the time being, the power lies in the hands of buyers.
With more properties available and competitive pricing becoming the norm, the market conditions are favourable—especially for first-time buyers.
1. Slower price growth means more affordable homes
Bannister highlights that average asking price growth is a strong indicator of market confidence.
While house prices did rise by 0.3% last month, this increase is significantly lower than the usual 1.3% growth typically seen in late autumn.
This slower price growth could signal more affordable options for prospective buyers.
In addition to price growth slowing, first-time buyers should be aware of stamp duty relief on properties up to £250,000.
This relief will be automatically applied to their purchases and could make a big difference.
However, the threshold will drop to £125,000 in March next year, making it an ideal time to act fast if you are a first-time buyer.
2. More homes on the market than in years
The number of properties available for purchase has seen a marked increase.
According to Tim, the average number of listings per Rightmove agent is now the highest it’s been since 2014, showing a 12% rise year-on-year.
This increase in supply has given buyers more choice than they’ve had in years, making it easier to find a property that fits their needs and budget.
With more homes on the market, the overall pressure on prices has eased, allowing buyers to explore a wider range of options.
3. Competitive pricing to attract buyers
With an increased supply of homes, sellers are being forced to lower prices to stay competitive in a busy market.
As Tim explains, the greater number of properties means sellers must list for less to attract interest.
For first-time buyers, the situation is even better, as some developments are offering cash incentives to encourage new buyers.
For example, in Royal Docks, certain building associations are providing cash bonuses for first-time buyers who commit to purchasing a home.
Tim shares insights on shared ownership opportunities: “Aqua Gardens is offering a £5,000 cashback on one-, two-, and three-bedroom homes—but only if you use their recommended solicitor and broker, and complete the purchase within 28 days.”
This is an attractive option for first-time buyers looking for an easier way onto the property ladder.
4. A stickier market means more time to choose
With more listings available, homes are taking longer to sell. This works to the advantage of buyers, giving them additional time to make decisions.
In October, it took an average of 61 days for homes to sell across the UK, a steady increase from previous months.
Tim points out that the longer selling times mean that buyers have more time to weigh their options, negotiate deals, and avoid rushed decisions.
This slower pace of the market can be a boon for those who may have been feeling pressured to make quick decisions in the past.
First-time buyers are leading the market
Looking at specific regions, the property market in London has seen a rise in first-time buyers.
According to recent research, Brent in northwest London is one of the most popular boroughs for first-time buyers, with 77% of homes snapped up by newcomers to the market.
Other popular areas include Greenwich, Newham, and Tower Hamlets.
First-time buyers accounted for a record-breaking 48% of homes sold in London this year—an increase from 41% in 2023 and 28% in 2014.
This rise in first-time buyers is a clear sign that the market is becoming more accessible.