New listings not keeping paceNew listings not keeping pace
Rightmove has reported its busiest ever month, with visitors passing the 150m mark in January for the first time – a 7% year-on-year rise in traffic.
It has also reported that the number of sales being agreed by agents was up 12% compared with last January. The biggest uplift in sales agreed was in London, up 26% year-on-year, followed by the east of England, up 20%.
However, new listings have not picked up, Rightmove said.
The portal reported that there were over 152m visits in January. The previous record for the busiest month was last May. The top five busiest days for traffic on Rightmove were all between January 21 and 29, with the most traffic on Wednesday, January 29. There were over 5.7m visits that day.
Rightmove director Miles Shipside said: “Home-movers have sprung into action, with a large number of agents telling us that sales and valuations have picked up significantly in their local areas.”
He continued “There’s still an imbalance, with demand growing at a faster rate than new supply and no clear sign yet of any uplift in new listings compared to this time last year, but we could see a new wave of sellers in the coming weeks. The annual jump in sales agreed numbers is the highest we’ve seen in any month since the summer of 2017, which saw a significant uplift compared to summer 2016 because of the short-term dip in activity immediately after the Brexit vote.”
Shipside concluded, “The stage certainly looks set for an active spring if those sellers considering putting their homes up for sale end up doing so, but to catch this wave of buyer momentum sellers should take care not to over-price their homes. It’s still a price sensitive market and there’s a limit to what buyers can borrow even though mortgage interest rates are temptingly low.”
Our available stock at Wilsons has reached a record low as we’ve been selling our houses far faster than we can take them on. It almost goes without saying we are desperately keen to attract new sellers who, unless they are over ambitious on price, are highly likely to attract buyers quickly.