The year in review
A read of all of this year's reports.
2024 is the corpus's most reassuring year, and it reads that way from the first report. The market claws back confidence after a stop-start 2023, the summer turns on the general election and the first Bank Rate cut since 2020, and asking prices reach a May record of £375,131. The standing caveat is aimed at sellers rather than the market: don't get carried away.
Themes
- A market clawing back confidence after a "stop-start" 2023, with sales agreed running double digits ahead of the prior year through most of the spring.
- A persistent two-speed split: the less mortgage-rate-sensitive "top-of-the-ladder" sector leads on price and activity while the affordability-stretched first-time-buyer segment lags.
- The general election as a recurring thread, anticipated from January ("a temporary slow-down... in the weeks before an election"), dissected in June via a poll of "over 14,000 people," then reframed in July as "political certainty" that bodes well for autumn.
- Elevated mortgage rates as the year's true constraint, with movers watching for the first Bank of England cut more closely than any "pre-election housing market promises." August delivers it, prompting an upward forecast revision.
Sentiment & tone
The writing reads as steady reassurance throughout, which fits its standing as the most positive year in the corpus. It opens "tentatively promising" and never loses that lift: "reasons for growing market optimism," "cautious optimism," "the scene is now set for a positive remainder of the year." Even bad news lands softly. A lacklustre Budget only "tempered" demand, and the election prompts merely "election caution" rather than a stall. The recurring caveat is aimed at sellers, repeatedly warning them not to "get carried away," which keeps the optimism credible instead of giddy.
Key words & phrases
The vocabulary leans on momentum and reassurance: "growing market momentum," "early-bird buyers," "pent-up demand," and a "window of opportunity" that appears again and again. Election language saturates the summer: "pre-election jitters," "manifesto pledges," "election campaign," "political certainty." The standout image is "cherry-picking," with attractively priced homes "snapped up" while overpriced ones are "left on the shelf."
Worth noting
- The election coverage is unusually data-driven: June cites a poll of "over 14,000 people, where 95% of those planning to move home said that the election will not affect their plans," and tracks a fall in top-end new sellers from "11% higher" to "3% lower" in the two weeks after the surprise announcement.
- August marks the turn, raising the full-year forecast "from a 1% drop... to a 1% rise" after "the first Bank Rate cut since 2020 has sparked a welcome late summer boost."
- The spokesperson handover is visible at year-end: Tim Bannister, "Director of Property Science," carries every report from January through August, while the September page attributes commentary to "Colleen Babcock, property expert at Rightmove."
- A memorable agent line opens January: "It's certainly cold out there at this time of year, but the housing market is just heating up." (Chris Rowson, Sharman Quinney)
What this year was about
Words this year used far more than the rest of the corpus — its preoccupations, not generic property language.
| word | uses | vs rest of corpus |
|---|---|---|
| election | 35 | 48.3× |
| tentatively | 4 | 22.1× |
| speeds | 4 | 22.1× |
| called | 4 | 22.1× |
| campaign | 4 | 22.1× |
| manifesto | 4 | 22.1× |
| elevated | 13 | 17.9× |
| operating | 3 | 16.5× |
| approaching | 3 | 16.5× |
| cherry | 3 | 16.5× |
| painful | 3 | 16.5× |
| something | 3 | 16.5× |
Tone profile
Hits in this year, raw and per 1,000 words.
| category | hits | per 1k words |
|---|---|---|
| superlatives | 46 | 4.07 |
| hedges | 68 | 6.02 |
| reassurance | 103 | 9.12 |
| caution to sellers | 28 | 2.48 |
| softening pivots | 111 | 9.83 |
Headlines
- JanuaryTentatively promising new year start as buyer and seller activity jump
- FebruaryEarly-bird buyers build market momentum but price sensitivity remains
- MarchStronger buyer demand and sales as market marches into Spring
- AprilSpring activity boost pushes asking prices close to new record
- MayRecord asking prices driven by pent-up demand
- JuneMarket maintains momentum despite more tentative top-end
- JulyPolitical certainty and potential rate drop bode well for Autumn market
- AugustBank Rate cut spurs further upturn in market activity
- SeptemberDecade-high choice to benefit Spring buyers who miss stamp duty deadline
Voices this year
Tim Bannister (17), Kate Eales (2), Chris Rowson (1), Paul Bayliss (1), Marc (1), Kevin Shaw (1), Jim Parker (1), Nick Leeming (1)
Sample report — August 2024
Bank Rate cut spurs further upturn in market activity
- Average new seller asking prices see a seasonal drop of 1.5% (-£5,708) this month to £367,785. August has seen a monthly decline in prices from July for the last 18 years, with this month’s fall in line with the long-term average
- The first Bank of England rate cut for four years has led to an immediate upturn in buyer activity:
- The number of potential buyers contacting estate agents about homes for sale has jumped from 11% up on the prior year across the month of July, to 19% up since the 1st of August compared to the same time a year ago
- Rightmove raises its 2024 forecast from -1% to +1% due to positive market data and trends compared to the much more subdued 2023:
- The number of sales being agreed is now 16% ahead of the near-peak-mortgage-rate period of a year ago
The average price of property coming to the market for sale sees a seasonal drop of 1.5% this month (-£5,708) to £367,785. New seller asking prices have fallen in the month of August for the past 18 years, and the size of this month’s drop is in line with the long-term average. The distractions of school summer holidays traditionally bring a dip in prices, as some buyers put their home-moving plans on hold to enjoy holidays or time with family. This also means that new sellers who do come to market at this quieter time of year may have a pressing need to sell, which means they tend to price more competitively. However, summer sellers this year may find that there is a degree of buyer buzz around the market that was missing in the peak-mortgage-rate market at this time last year. As anticipated in Rightmove’s July report, the first Bank of England rate cut for four years at the start of the month has helped to accelerate mortgage rate drops and contributed significantly to improved buyer demand. These better conditions are helping to set up a positive Autumn market, and a further spur to activity following the Bank Rate cut has led Rightmove to raise its 2024 forecast from a 1% drop over the whole of 2024 to a 1% rise in new seller asking prices.
“The first Bank Rate cut since 2020 has sparked a welcome late summer boost in buyer activity. While mortgage rates aren’t yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment. As the summer holiday season comes to an end, the conditions are there for a more active autumn market. The reaction from home-movers to what is hopefully only the first of several rate cuts over the next year or two, combined with other positive data and trends, has led us to raise our price prediction for the year. We now expect new seller prices to rise marginally by 1% over the whole of 2024. This is a relatively small revision from our original prediction of a 1% fall in prices over the year, since we didn’t initially forecast anything more drastic than a slight drop in prices this year.”