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BUSY START TO 2018

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Mon 15 Jan 2018

BUSY START TO 2018

* Early traffic data indicates a busy start to 2018, with Rightmove visits up by an average of over 9% so far in January compared to same period last year (1), averaging over 4 million visits per day
* Average price of property coming to market is up 0.7% (+£2,067) this month on Rightmove, tracking over 90% of the UK property market, similar to the 0.6% rise at this time a year ago with virtually identical number of properties coming to market
* To have the best chance of a successful sale this year, sellers should note:
Buyers are still price-sensitive with sales agreed numbers in the last quarter of 2017 down 5.5% on the same period a year ago
Sellers of properties suitable for first-time buyers set to have greatest chance of sales success following last Autumn’s stamp duty saving boost
(1) Rightmove measured 63,365 asking prices this month, circa 90% of the UK market. The properties were put on sale by estate agents from 3rd December 2017 to 6th January 2018 and advertised on Rightmove.co.uk.
In spite of the high level of home-hunter visits as we start 2018, sellers should note that buyers are still being very choosy, as shown by the number of sales agreed in the last quarter of 2017 being lower than a year ago in all regions.
Miles Shipside, Rightmove director and housing market analyst comments:
“Considering some of the gales that buffeted the market in the latter part of 2017, these early readings for 2018 show that there is currently a good following wind of search activity. To keep this year’s initial buyer momentum with you rather than against, serious sellers should note that all regions are currently selling at a slower rate than a year ago, indicating choosier buyers. The total number of sales agreed was 5.5% down in the last quarter of 2017 compared with the same period in 2016.
Setting tempting asking prices and then quickly reducing them if there is little initial interest will be key to turning this promising level of buyer activity into actual sales, especially in the less active sectors and locations of the UK.”