Rightmove’s latest House Price Index was released this week, and it paints a picture of a housing market that’s neither surging nor sliding – on a national basis, at least.
Across the UK, the average asking price has edged up by 0.3% in October to £371,422, a fairly modest rise, but one that in many ways speaks of resilience – or perhaps even stubbornness, given the challenges we face – rather than momentum.
The oft-referenced “autumn bounce”, that frequently sees sellers push for higher prices, hasn’t materialised this year after the normal summer sluggishness. In fact, this October’s increase is well below the ten-year seasonal average, which normally sees prices climb by an average of 1.1%.
Part of the reason behind this is a decade-high number of homes now for sale, a national story but a trend that we are also seeing mirrored here in Herne Hill, where there are currently 162 properties listed for sale on Rightmove. Listing numbers are in fact up year on year – and new buyer registrations too, according to the October Rightmove Index report.
However, those new listings are up by 5%, whereas buyer levels have increased by 2% by comparison. It means buyers have plenty of choice, and in turn – in a situation where supply outstrips demand – sellers are having to stay realistic when it comes to price setting.
For all that, the tone of this month’s report is calm rather than gloomy. Year-on-year national asking prices are almost flat (–0.1%), and the number of agreed sales since January is actually up 5% compared with 2024. In short: the market’s ticking along, at a sensible pace.
Herne Hill: quietly consistent
Here in Herne Hill, the picture is a little cloudier than the national one the Rightmove Index focusses on. In fact, asking prices across Herne Hill dipped slightly in October, by around 0.5%, and currently sit at £762,765; this is around 8% lower than a year ago, according to Rightmove’s data.
Of course, property values here depend on type and area. Semi-detached homes fetch an average of almost £1.75m, with terraced properties at just over the million-pound mark; flats here keep that £762k average where it is, selling at an average price themselves of £487,261.
Transaction levels themselves are also holding firm – but it is not easy work. We certainly have no shortage of buyers making enquiries, and our own sales numbers are healthy – but transactions are taking their time. The recently released ‘Voice of The Agent’ report (part 4) puts the average time a property remains on the market, from first listing to the transaction going through, at 196 days – including 119 days for the conveyancing process now, once a sale is agreed. That is well over six months.
That seems lengthy to us, and tardier than our own performance at Petermans Estate Agents, but nevertheless it perhaps spells out wider market problems – and, although most of our sales are progressing quicker than this, we aren’t immune to problems that crop up in chains; solicitors somewhere down the line requiring a deed of variation to continue, indemnity policies being sought, or simply worries amongst stakeholders in the chain who need to be talked down from doing something that all might come to regret. This latter issue comes about not least because that distant Budget date of November 26 is starting to seem almost within reach: ‘Should we hold off to see what comes up in the Budget?’ – ‘well, it’s your choice, but if you do then your chain won’t wait…’.
This is a conversation we and other agents are having frequently.
A level-headed Herne Hill property market is one we can work with
Buyers aren’t rushing, but there are plenty out there and an agent can do things to sift those potential buyers carefully – to separate the wheat from the chaff in many ways – in order to identify those that are truly serious, with reasons to commit to moving.
Sellers are becoming far more realistic, and when a home is priced right from the start, it sells. The properties that move the quickest are those that launch well, with great photography and descriptions, perfect presentation on viewings (not just in photos), and come with a sensible asking price. It might take a viewing or two extra, and negotiations can be a little more sticky at the moment – but nonetheless, it is steady as she goes right now, and that’s no bad thing.
There are question marks hovering over what might come from the budget, and in particular whether reform to stamp duty will benefit buyers. That, on top of concerns over the general cost of living, has given some pause for thought. Generally speaking, hesitation over this particular concern has been a feature more often seen in the upper and prime markets – certainly once at the million-pound mark and above – and that is an anecdote we are hearing from estate agents across the country.
Of course, here in SE24 and neighbouring postcodes, this is the market price point that we operate in, and much of London and the South East has felt the effects of this. However, as I mentioned earlier, prices locally have fallen by 8% over 12 months locally; across London, that figure is 10%; prices have dipped here, but relatively speaking, they have held up better than in other boroughs.
The truth is, Herne Hill is a sought-after destination, and not only does that keep our market moving even when it may seem at a low ebb, when it comes time that the market does pick up again in earnest – which we expect to see in the New Year or Spring – it will be the reason that our local market bounces back quicker and faster.
It’s impossible to deny – Herne Hill is a desirable, sought-after location, and the market here acts accordingly.
What does this mean for local Herne Hill homeowners?
If you’re thinking of selling, it’s important to know that the market is moving, but that conditions are more stubborn than previous recent years. Of course, that means that competition from other properties will be greater. I can’t understate the importance of having clarity and confidence in your marketing. The best results still come from homes that are presented well, staged and photographed professionally, and importantly are priced thoughtfully and competitively.
With more properties available on the market, buyers have options – but that doesn’t mean that they won’t act decisively when something stands out.
Getting the right advice, focusing on cleanliness, tidiness and presentation, and launching with a refined strategy rather than a ‘throw it at the wall and see what sticks’ approach can make all the difference in this sort of market – especially if it is important to secure the right offer before winter itself rolls in.
What does it mean for anyone buying a property in Herne Hill?
Prices have fallen, but they aren’t crashing by any means. They are stabilising, at the moment, having raced ahead of the market in previous years; it is no surprise to see something of a reset this year.
Mortgages are still more affordable than a year ago, but average mortgage rates have inched upwards this month, for the first time since February. This might be a reason to speak to a mortgage adviser now and perhaps secure a rate, in case they rise further. You can always switch to a lower-rate product if prices come down before any purchase is made – and seeing inflation hold at 3.8% this week, for the third month running, and that in spite of all the predictions for 4% that we have heard made since August, there is now perhaps more talk about another base rate cut this year after all.
One other advantage of this market is the number of properties available. It means there is simply more choice out there. It is easier to find the right fit at times like this, without the frenzy that we have witnessed in other recent years that might have been classed as a ‘seller’s market’.
If you’re a house-hunter that has been waiting for the ‘right moment’, this might be it. Sellers are open to fair negotiation, and the playing field feels more balanced than it has in a long time. Who knows, perhaps things could change – but, they could equally change in a way that sees property prices rise. It’s always a risk, so our advice is to move when the property and timing is right for you – not when the ‘best deal’ is to be found.
Those who wait for the ‘best time’ or the ‘best price’ might wait forever!
FAQs about the Herne Hill property market this autumn
1. Is now a good time to sell a house in Herne Hill?
Yes. The market is steady, and sluggish but not slow. This means well-presented homes priced sensibly are still achieving strong offers. With plenty of buyers active and more listings creating competition, good marketing really matters.
2. What are average house prices in Herne Hill right now?
According to Rightmove’s latest data, the average asking price is a little under £775,000, but it depends on property type.
3. How long is it taking to sell a home in Herne Hill?
Across the UK, the average time from listing to completion is around 196 days, including about 119 days for conveyancing. At Petermans, our own figures show properties transacting faster, but we are not immune to hold-ups in chains.
A final word
Herne Hill’s property market is, broadly speaking, in line with the national picture in terms of sentiment – sluggish, but still active. That said, it is clear that prices locally have dipped, whereas in other parts of the UK, they have levelled out or even started to rise again. By comparison to the general London market, prices have fallen less dramatically, seeing an 8% drop rather than 10% London average drop in 12 months. That 8% drop in itself isn’t as dramatic as it might seem, given that prices here rose further and faster than other parts for a period of months in the not-too-distant past, and that makes this something of an unsurprising recalibration, rather than a crash.
In many ways that is exactly why it is functioning yet, and why the wheels have not come off – sellers here, whilst seeing average prices drop, still have much equity in their homes; this allows sales to still happen and onward purchases to still take place.
Realistically, it is not about timing the market. It is about understanding it; and that’s where we come in. We have seen this sort of market before, and that experience really matters, when it comes to finding a sensible pair of hands to operate the tiller.
If you have any questions about the current market and what it means for your house price or your potential move, then please contact us – we are always happy to give people not just time, but more crucially still, the benefit of our experience.