The average price of a house coming onto the market has jumped by 1.7% (+£5,760) this month to £354,564, in the biggest month-on-month increase since the mid-noughties. This is a record high, with the average house price in the UK now surpassing 350,000.
If you are looking to sell your house, Rightmove says this spring is the best time to sell a house. This is due to ‘a hat-trick of reasons’ for sellers to put their homes on the market this spring.
Reasons why this spring is the best time to sell a house
- Record prices
- A significant imbalance between demand and supply
- The chance of finding a buyer in the first week it’s on the market
As well as these record prices, there’s currently the biggest mismatch ever between supply and demand on Rightmove for this time of year. There are twice as many buyers as sellers.
Plus, your chance of finding a buyer in the first week on Rightmove is the highest it’s ever been. You’re twice as likely to find a buyer in week one compared to the same period back in 2019.
Guy Gittins, CEO of Chestertons says that not even halfway into March, his team had witnessed an 11% increase in buyer enquiries and a 16% uplift in sales compared to the same time period last year. ‘This is an early indicator for the spring market to be extremely buoyant.
‘Known as the “spring bounce”, we anticipate more vendors to put their properties up for sale over the next few weeks.’ This will in turn improve the currently competitive market conditions for house-hunters, tipping the scales slightly in their favour as supply rises.
Rightmove says that it’s too early to know how the market will be affected by the longer-term economic impact of the devastating war in Ukraine. The property platform initially saw slightly lower buyer demand, but this has now stabilised.
‘Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last,’ Tim Bannister, Rightmove’s Director of Property Data comments. ‘Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market and being in fierce competition against other buyers.’
Tim says that having a buyer for your own property puts you in a powerful position when it comes to buying a house compared to buyers who have yet to sell. ‘Agents report that these “power buyers” are more likely to get the property that they want and negotiate the best deal on price,’ Tim adds.
Rightmove forecasts a less frothy market in the second half of the year, which means the rapid price rises may even out. But demand will still outstrip supply. Read up on the best mortgage rates to help you to secure the best deal.
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