In March 2022 Rightmove reported that the price of properties coming onto the market hit a new record high for the second consecutive month, with the national average now being £354,564. This month’s 1.7% increase is the largest at this time of year since March 2004.
In addition, the annual increase of 10.4% is the highest Rightmove has recorded since June 2014. This unprecedented price level is being driven by the greatest imbalance between buyer demand and the number of properties for sale.
For those looking to move it is a great time because:
- There is potential to achieve a record asking price for the property.
- The difference in high buyer demand and low available property supply means sellers are more likely to be able to choose from several suitable buyers.
- The proportion of sellers finding a buyer within the first week is also at an all-time high for this time of year. Sellers with appropriately priced and well-presented properties can expect a shorter marketing period than usual.
Sellers who weren’t ready to take advantage of last year’s rush now have another chance to sell their property while these conditions last.
Of course, those selling in this record-breaking market are likely to be buying under the same conditions, and face being in fierce competition against other buyers. Securing a buyer for your own property, puts you in a powerful position, compared to buyers who have yet to sell. Agents report that these ‘power buyers’ are more likely to get the property they want and negotiate the best price for it.
For more information and a valuation of your property contact our Estate Agency by calling 020 3921 0240.
Read the full report from Rightmove.