Back to the blogs list

New housing report spells good news for sellers

As a tumultuous 2021 is firmly behind us and the UK begins to ease out of Covid-19 restrictions, a new housing report has signalled even more positive news for sellers. Rightmove recently released their first housing market report of 2022, and their findings indicate ideal conditions for those looking to sell their property.

In this blog, we explore the findings of Rightmove’s housing market report and advise how sellers can take advantage of what is currently very much a seller’s market.

Average property price rises

According to Rightmove’s report, the average price of a property coming onto the market rose by 0.3% this month to £341,019, which is a 7.6% increase on a year ago and is the greatest annual rate of price growth recorded by Rightmove since May 2016.

When looking at London in particular, where we are based and cover, data from Statista shows the average house price in the capital was roughly
double the national average at over £514,000 and London has the highest average house prices across the country.

High property prices, especially in London, put sellers in a prime position to make a considerable financial gain when selling their house.

As well as property prices going up, Rightmove also uncovered that first-time buyer asking prices hit a new record of £214,176 after a monthly increase of 1.4%.

Stiff buyer competition

What is likely to be a contributing factor to surging house prices is increased demand and low supply. Rightmove findings show the number of buyers enquiring about homes is up by 15% on the same time last year, yet the number of available homes for sale per estate agency branch fell to a new record low of just 12.

Because of this, Rightmove estimates that competition among buyers is almost double what it was at this time last year.

Early bird seller advantage

As has been shown earlier, the current market conditions make it a seller’s market, but with more choice potentially soon on offer, this may not always be the case. So, sellers shouldn’t put off selling as they may not have the leverage they currently benefit from now.

Rightmove’s data shows there are early indicators that more property choice is coming to the market, with the first working week of 2022 being the busiest start of the year ever for people requesting agents to come out and value their homes. According to Rightmove, the number of home valuation requests is up by 44% on the same period last year, and 48% up on the same period in 2020.

Tim Bannister, Rightmove’s director of property data, commented: “New Year sellers and buyers have been quick off the mark this year, with Rightmove recording the highest ever number of Boxing Day sellers coming to market.”

Bannister continued: “These early-bird sellers who got themselves ready to come to market are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year. “

He concluded: “Almost 40% of people enquiring about a home who have a property to sell say that they are yet to put it on the market. In the current market, where they are competing against others who are able to move more quickly, this is likely to mean they’ll miss out on the home they want. To put yourself in the best possible position to proceed, you should become a ‘power buyer’, by making sure your current home is on the market or preferably sold subject to contract first, before starting the search for your new home.”

Here at Holland Properties, we have been an established estate agent since 1999 and can help to manage your tenancies, allowing you to get the most from your rental properties as a result. We operate in Docklands and the surrounding areas including Surrey Quays and Rotherhithe.

For further guidance on any part of the selling process, please contact us today. You can also request a free and instant online valuation to see how much you could sell your property in the current marketplace.

Comments


x