Estate agents' books fill up as mortgage rates drop, easing pressure on house prices

"The UK's housing market is currently experiencing a significant change with the highest number of homes available in over a decade, helping to stabilize prices."

"The average asking price for new listings on Rightmove rose by just 0.3% this October, a stark contrast to the usual 1.3% increase typically seen in busy autumn months."

"Tim Bannister stated that 'this month's subdued price growth comes as buyer choice soars to a level not seen since 2014.' The market dynamics are clearly shifting in favor of buyers."

"With the average five-year fixed mortgage rate dropping to 4.6%, there's a renewed encouragement for potential buyers to engage with the market, leading to a notable uptick in sales and inquiries."

Read at Business Matters