Record prices for sellers and more choice for buyers

July 28, 2022

July’s house price index from Rightmove highlighted an incredible sixth consecutive record in prices achieved.

A continuing desire to move, combined with low numbers of homes for sale has maintained price growth, even during a time where personal finances are becoming increasingly stretched. 

Buyer demand continues to exceed historically normal levels and is now 26% higher than the same time in 2019, although down on the dizzy heights of summer 2021.

There are signs in the housing market of the limited stock situation improving, with the number of sellers up by 13% on this time last year. However, the number of homes for sale are still down 40% on 2019.

This significant shortfall from more normal stock levels will help to underpin prices this year, as quite simply, there are still not enough homes coming to the market to satisfy local demand.

The increase, albeit steady, in new sellers coming to the market, combined with continued demand creates a win-win for sellers and buyers alike. Sellers can feel confident in finding a buyer for their home at a good price, whilst buyers will have a somewhat increased choice. 

However, the market is still moving quickly, to be in with a chance of achieving a successful offer buyers should be prepared to move – with a property on the market, if not already sold, and a mortgage in principle in place.

If you are interested in selling your property or would like up-to-date valuation advice, please contact your local branch.

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