Newly released Rightmove stats reveal strongest Spring sellers’ market in a decade
Millions of homebuyers started their property hunt within minutes of the Spring Budget announcement, causing the strongest Spring sellers’ market in the past decade. What does this mean for you?
Rightmove’s House Price Index was recently released to the media and gives a national picture of house prices and activity over the past couple of months.
Here’s a breakdown of some of the key facts:
· Strongest Spring sellers’ market in the past decade
· Greatest excess of demand over supply over the past ten years, pushing up the average price of property coming to market by 0.8% (+£2,484) this month
· Number of potential buyers enquiring about each available property in the month is at a record, and is 34% higher than the same period a year ago, which was itself an active market before the first lockdown
· With sales already agreed for almost two out of three properties on agents’ books, buyers eagerly await fresh choice coming to the market, making this the best sellers’ market of the past ten years
· Start of traditional Spring selling period sees number of sales agreed for the first week in March up by 12% on prior year despite shortage of available stock
· Daily average of over seven million visits to Rightmove in February and march, 40% rise from the previous year
The reaction to the Spring Budget
Within minutes of the Chancellor sitting down in the Commons after announcing his Spring Budget, millions of potential buyers began searching out new homes and mortgage deals online. Within half an hour, the use of Rightmove’s mortgage calculator jumped by 85% and overall traffic to Rightmove jumped by 16%. In all, Rightmove had its busiest ever day since it was founded 20 years ago with more than nine million visits.
The stamp duty holiday extension, coupled with the introduction of 5% deposits, has happily given people the certainty they have been looking for. Many people who may have been delaying a move for a whole multitude of reasons now have the encouragement to take their next life step, whether it’s getting a foot on the property ladder as a first-time buyer or trading up for more space and a bigger garden.
The re-introduction of 95% mortgages
We’ve heard from so many first-time buyers over the past year of their challenges to raise a 15% or 20% deposit, with a number saying they had to put their plans on hold, so the availability of 5% deposits will really help this all-important market sector. It will help some buyers bring their plans forward, especially if they managed to save more than they were expecting to while in the various lockdowns. It’s also a much-welcomed helping hand to people who have been struggling to trade up because of the much bigger deposit needed.
This data again shows us that each home placed on the market NOW is being seen by far more buyers, and therefore will get more interest, more offers, and a higher sale price.
So, what are you waiting for? Don’t miss out. Take the first step and book your home valuation with us now. Simply fill in the form on this page, call 0208 220 9000 or email sales@nkres.co.uk to get started!