Monday, 25 May 2020

Returning confidence is a boon for sellers

Returning confidence is a boon for sellers

PROPERTY website Rightmove has suggested that 2020 could be a good time to move house, as confidence returns to the property market.

The news comes as average asking prices for homes are found to be just £40 short of hitting an
all-time high, according to the latest industry figures.

Demand is being driven by a more stable political landscape, with the number of new sellers coming to market lagging behind the surge in buyer activity.

Miles Shipside, property expert at Rightmove, said: “Spring buyers are likely to be faced with the highest average asking prices ever seen in Britain. Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence. The bounce in our statistics seems to show that many buyers and sellers see the election result as giving a window of stability, so if you’ve been holding back on account of Brexit, 2020 could well be your year to move.”

Rightmove’s monthly traffic is up to a new record high of more than 152 million visits in January, indicating strong pent-up housing demand. And momentum is still growing, with traffic in the first week of February up by 9.2 per cent on the same week in 2019.

Mr Shipside added: “It’s the first time for over a year that we have seen any sign of a return of seller confidence, albeit lagging behind the surge in numbers of early-bird buyers. Owners coming to market this spring face the best selling prospects for several years, with good demand for the right properties at the right prices. However, sellers should be careful not to get carried away with their pricing, as this is still a price-sensitive market with stretched buyer affordability. Now could be an excellent time to get on the market and sell, seizing the opportunity of achieving a quick sale at a decent price.”


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