Sellers are being urged to price their homes competitively after an influx of properties were put up for sale at the end of last month.
Rightmove said there was a ‘huge number’ of new sellers who came to the market just before the Easter holidays.
It said the Thursday before Easter, on 28 March, was the biggest day for the number of new sellers coming to market so far this year.
Rightmove said the Thursday before Easter, 28 March, was the biggest day for the number of new sellers coming to market so far this year
It was also the third biggest day for new listings since August 2020. Only Boxing Day in 2022 and Boxing Day in 2023 saw more properties coming to market in a single day.
And there were 45 per cent more homes added to Rightmove on that Easter Thursday compared to the same day the previous week.
Rightmove attributed the sharp increase in supply to people getting their homes on the market in a bid to capture the attention of buyers across the Easter weekend.
Rightmove’s property expert, Tim Bannister, said: ‘A huge number of new sellers came to market as we all geared up for the Easter break, all hoping to capture the attention of those buyers using the long weekend to home hunt alongside their Easter egg hunts.
‘It’s still a price sensitive market, so while the uptick in activity we’ve seen over the past few months is a positive sign, sellers still need to heed the advice from their agent on pricing competitively to help secure a successful sale.’
Sellers are being urged to price their homes competitively amid an influx of properties for sale at the end of last month
It follows a rise in asking prices of 18 per cent during the past four years amid a lack of supply and high demand for properties for sale.
The average asking price of a home in Britain was £312,625 at the start of the pandemic in March 2020.
It compares to an average asking price of £368,118 in March this year, according to Rightmove.
Region | Ave. asking price March 2024 | Ave. asking price March 2020 | % change |
---|---|---|---|
Wales | £256,499 | £199,249 | 29% |
North West | £257,185 | £201,199 | 28% |
Yorkshire and The Humber | £247,054 | £196,002 | 26% |
East Midlands | £287,145 | £230,783 | 24% |
West Midlands | £288,945 | £233,224 | 24% |
South West | £383,889 | £313,127 | 23% |
North East | £187,592 | £153,694 | 22% |
Scotland | £190,067 | £159,149 | 19% |
South East | £478,936 | £408,796 | 17% |
East of England | £415,199 | £356,709 | 16% |
London | £686,844 | £638,826 | 8% |
Great Britain | £368,118 | £312,625 | 18% |
Source: Rightmove |
North London estate agent Jeremy Leaf, said: ‘Listings are up this year quite strongly compared with last and demand has been improving too, particularly after a mostly subdued 2023.
‘However, the extra choice has meant buyers are bargaining harder and delaying before taking the plunge.
‘As a result, some prices are softening a little or not rising as much as we might have expected while affordability concerns remain.
‘Although it is clear that direction of travel for interest rates is southwards, it is still going to take time for those reductions to take effect in terms of repayments and knock-on confidence.’
Are buyers delaying ahead of the general election?
There is also the issue of the forthcoming general election and how this will affect the property market, particularly if buyers will delay their purchase.
Estate agent Savills claimed that the majority of buyers and sellers at the top end of the housing market won’t be deterred by the election.
Its survey of 1,200 home movers in the prime market revealed that for 79 per cent, the election doesn’t change their plans to move.
Despite a general election nearing, the short odds on a change in Government mean that political change is already largely priced into the market, and buyers will remain undeterred about moving
At the same time, 13 per cent said they were more committed to do so in the next 12 months while only 8 per cent said they are less committed to moving.
Lucian Cook, of Savills, said: ‘With mortgage markets steadily improving, the outlook for the housing market has certainly improved and has entered the first stages of recovery.
‘For the first time since the mini-Budget, the survey signalled stronger confidence among typically more leveraged buyers, pointing to a market that will be less heavily dominated by cash and equity-rich buyers.
‘Despite a general election nearing, the short odds on a change in Government mean that political change is already largely priced into the market, and for the most part, buyers will remain undeterred about pressing ahead with moving decisions.
‘However, there will be more caution at the top end of the market which is typically much more discretionary. Buyers here are more likely to play a waiting game, and price sensitivity may remain in the run-up to the election.’