Record asking prices fuelling a rise...

Rightmove has reported that more homeowners are choosing to take advantage of record asking prices and sell this summer, providing more options for those who are looking to buy and easing the impact that low stock is having on the market.

According to the latest market analysis from the portal, the number of prospective sellers contacting estate agents to have their home valued is at its highest level since January, with 22nd June being the fourth-highest ever day for home valuation requests and the busiest day for home valuation requests since May 2021.

The number of new properties for sale is up by 14% over the past two weeks compared to the same two weeks last year.

The time to find a buyer is at a near-record low of 32 days, therefore agents are reporting that those with plans to buy and also a home to sell, may see more success by putting their own home on the market first before searching for their next home.

 

As more sellers prepare to come to market, new insights from over 2500 prospective sellers reveal current attitudes and behaviours towards the housing market.

When choosing an agent to sell their property, the findings show that prospective sellers value agents being responsive (87%), presenting their properties professionally in advertising (86%), and being knowledgeable about local markets (84%) more than having the lowest fees (32%) or providing the highest valuation (21%) for their home.

Tim Bannister, Rightmove’s Director of Property Science, comments: “In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too. New instructions to agents are up 14% in the last two weeks compared to last year, which will be welcome news for buyers wanting more choice, and the high number of valuation requests we’ve recorded is a positive sign of more potential choices to come.

“However, there is still more demand than supply, and the market remains very active, so for those planning a move, it’s important that they give themselves the best chance of success by getting their property on the market if they have a home to sell. Our insights from prospective sellers show some delay putting their home on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one. Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other home-movers who may have already found a buyer for their home or don't have a property to sell.”

Source:- https://www.propertyreporter.co.uk/property/record-asking-prices-fuelling-a-rise-in-seller-activity.html