Rightmove claims there’s been a record number of early-bird new sellers coming to market from Boxing Day and into January.
And the portal claims this shows pent-up demand to move.
The number of new properties coming to market is 11% ahead of the same period at the start of last year, while the average number of homes for sale per estate agency branch is currently at the highest for this time of year in 10 years.
High buyer choice has contributed to increases in buyer enquiries and sales agreed compared to a year ago, but also means fierce seller competition to attract these new year buyers.
The portal says sellers may find that they have been too optimistic on their initial pricing and get left on the shelf in favour of more competitively priced neighbours.
“We’ve also seen a strong start to the year in new seller asking prices, though given the higher-than-anticipated seller competition, we would expect this to slow down over the next few months” cautions Rightmove’s new spokesperson, Colleen Babcock.
“The record number of sellers we’re seeing is a double-edged sword. It’s encouraging to see so many sellers with the confidence to come to market, providing buyers with fresh choice.
“However, with lots of homes for buyers to consider, sellers will need to work even harder to stand out from the crowd and attract a buyer.
“This could be with a tempting asking price, standout home features, immaculate presentation of the home, or a combination of all of these. It’s vital that in a competitive market, sellers take on the recommendations of their agent, particularly when it comes to setting a realistic price.”
The portal adds that buyer activity is also starting the year encouragingly, as many festivity-distracted buyers return to make their move happen.
Since Boxing Day, the number of buyers contacting estate agents about homes for sale is up by 9% on the same period last year. The combination of good choice and healthy buyer demand has kept the sales trend positive, with the number of sales being agreed between buyers and sellers now 11% ahead of this time last year.
Rightmove has also recorded its busiest start to a year for prospective home-movers applying for a Mortgage in Principle to understand what they may be able to borrow from a lender, which is evidence of future buyer intent.
All of these very early lead indicators at the start of this year point to a busier 2025. Rightmove forecasts a larger number of transactions this year of 1.15 million, and an average asking price increase of +4%.
This article is taken from Landlord Today