Property portal Rightmove had the busiest ever Boxing Day for new sellers listing their homes for sale. This has continued into the New Year, with
Property portal Rightmove had the busiest ever Boxing Day for new sellers listing their homes for sale. This has continued into the New Year, with many more rushing to get their property on the market. As a result, competition amongst potential buyers is nearly double what it was last January, Rightmove has said.
Eager homebuyers are snapping up homes quickly, a trend which was seen last year.
With demand still high and property stock not meeting the demand, experts warn that Britons will see a competitive market this year.
On average, sellers found a buyer for their home two weeks faster in December 2021, compared to the same time a year prior, Rightmove has said.
Tim Bannister, Rightmove’s Director of Property Data, said: “This is a good reminder to buyers to move fast and book a viewing as soon as a property you’re interested in comes to market.
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“Our search data gives us real-time insight into what buyers are looking for from their next home, and the areas that are attracting future movers.
“It also gives us a unique understanding of how current events and culture can inspire people to imagine the life that could be in a new area, from countryside living in the Cotswolds inspired by the ‘Clarkson’s Farm’ TV show, to living in what could potentially be the UK’s smallest city in Marion, Cornwall.”
However, house prices are on the rise and experts warn that this could continue into 2022.
The latest house price index by the Office for National Statistics (ONS) found that house prices rose more than 10 percent in the year to November 2021.
The high demand last year saw the average property price in the UK reach £270,708 in November 2021.
Managing Director of Barrows and Forrester, James Forrester, commented: “Any fears that the end of the Stamp Duty holiday would bring a decline in house price growth can now be well and truly put to bed. Not only has the market maintained momentum, but it’s continued to shift through the gears during what is usually a quieter period in the year.
“Expect more of the same in 2022, as demand remains robust, stock remains scarce and the cost of borrowing remains very affordable.”