The surge in new property listings on Rightmove just before the Easter break indicates a lively start to the Spring home-moving season. Thursday, March 28th, witnessed a particularly high number of new sellers entering the market, marking it as one of the busiest days for property listings since August 2020, with only Boxing Day in 2022 and 2023 surpassing it in terms of new listings.
The 45% increase in new listings compared to the previous Thursday highlights the significant boost in activity as sellers aimed to attract potential buyers over the Easter weekend. This surge in activity suggests optimism among sellers and a desire to capitalize on the traditionally busy period for home buying.
However, it’s important to note that the property market remains price-sensitive, as highlighted by property expert Tim Bannister. Despite the increased activity, sellers are advised to carefully consider pricing strategies to ensure competitiveness and increase the likelihood of a successful sale.
As the Spring home-moving season progresses, it will be interesting to see how market dynamics evolve and whether the increased supply of properties translates into increased sales activity. Sellers are encouraged to work closely with their agents to navigate the market effectively and optimize their chances of securing a successful sale.
What’s going on in the housing market?
The housing market’s ongoing recovery is evident in the steady increase in asking prices over the past year, reflecting renewed confidence among buyers and sellers alike. As of now, the average asking price across Great Britain stands at £368,118, representing a modest but notable 0.8% increase compared to the previous year.
Regional variations in price trends highlight the diverse nature of the housing market across different parts of the country. Comparing current figures to pre-COVID levels in March 2020 reveals significant disparities in regional price movements:
- Wales – Asking prices have surged by an impressive 29% since March 2020, indicating robust growth and strong demand in the Welsh housing market.
- London – While still experiencing growth, the capital has seen a more moderate uplift in asking prices, with an 8% increase since March 2020. This suggests a more subdued recovery compared to other regions but still reflects positive momentum in London’s property market.
These regional variations may be influenced by factors such as local economic conditions, housing supply and demand dynamics, government policies, and demographic trends. Understanding these regional nuances is crucial for both buyers and sellers in navigating the housing market effectively.
Overall, the upward trajectory of asking prices, coupled with differing regional trends, underscores the resilience and adaptability of the housing market in responding to changing circumstances and economic conditions.
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