Rightmove: Price of homes coming to market up £852

According to the latest figures from property portal Rightmove, the average price of a property coming to market has increased by 0.3 per cent, or £852, bringing the average price to £341,019.

The Independent reports that the average price is now 7.6 per cent higher than in January 2021, and the highest annual rate of growth recorded by Rightmove since May 2016. The figures also show that first-time buyer asking prices increased by 1.4 per cent to a record £214,176.

The number of buyers enquiring about homes also increased by around 15 per cent on figures from January 2021, while the number of available properties for sale per estate agent branch dropped to a record level of 12.

Home valuation requests during the first working week of 2022 increased by 44 per cent on January 2021 figures and were 48 per cent up on the same month in 2020.

Competition among buyers for available homes remained strong, with 15 per cent more enquiries from would-be buyers to estate agents than at the start of last year.

With a stark contrast between the increase in the number of buyers and the number of available properties, the overall level of buyer interest was found to be now double that found at the start of 2021, and as a result, over 70 per cent of properties on estate agents’ books have already been sold, leaving only 30 per cent available to buy.

Sellers and buyers have been ‘quick off the mark this year’, said Tim Bannister, the director of property data at Rightmove, adding that the property portal has recorded the highest ever number of Boxing Day sellers coming to market.

“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 inquiring about homes up 15 per cent on this time last year,” he said.

He said that all the signs point to a continuation of increases in house prices, until more choice is available to buyers, particularly in the East Midlands, South West and South East of England which are ‘most urgent need of new supply’, as the current rates of growth are unsustainable.

Bannister said it was clear that the defining trends on the market in 2021 have continued into 2022, but he thinks there are early signs of a ‘better-balanced market in 2022’.

The number of requests from potential sellers to agents to value their homes has continued to increase from the end of last year, he said, highlighting that it was at one of its highest points ever on the first working day of this year, and while a new supply of properties may take a little time to appear on the market, it is an encouraging sign or more choice for buyers in coming months.

“The speed at which we’ve seen the fresh choice that has come to market being snapped up by eager buyers over the past 18 months is a reminder to buyers to move fast and book a viewing with the estate agent as soon as a property that could be the one for you comes to market,” Bannister said.

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