Supply Drought Over? Big jump in property listings, reports Rightmove

The number of properties coming on the market is still not meeting the huge demand from buyers, but the level of new listings has improved according to Rightmove.

When comparing March and April listings with those of January and February, there was a jump of 51 per cent in the number of properties coming onto the market, with over 260,000 new homes coming up for sale over the past two months.

Rightmove’s property expert Tim Bannister says: “We’re hearing reports of some areas where properties are selling within a few days of being added to Rightmove, and the average time to find a buyer is the quickest we’ve ever recorded nationally. 

“But we also know there are thousands of local markets and some are moving more slowly than others, so as a seller you’ll want your property being seen by the biggest group of buyers possible, giving it the best chance of selling and achieving the best price.”

Bannister’s remarks come as the portal has revealed a league table of neighbourhoods most viewed by consumers.

Top of the list of local neighbourhoods is Didsbury in Greater Manchester which is one of the most expensive areas within the county. The average asking price in Didsbury currently stands at £367,429, over £130,000 higher than the Greater Manchester average of £237,380.

Second on the list is Walthamstow in East London, where average asking prices have risen by 116 per cent over the past decade, rising from £230,888 to £499,534, and they are up by four per cent over the past year.

The only other London location in the top 10 is Chiswick, which is the only place on the list where asking prices are lower than this time last year, down by one per cent to £969,350, and down by nine per cent when compared with five years ago when they were above £1 million.

Bannister adds: “Our new analysis gives sellers in these local hotspots a clear indication of just how popular their area is, as it tracks the huge pool of the most eager prospective buyers who are signed up to find out instantly when a seller decides to bring their property to market. More buyers have realised they don’t have the luxury of waiting until the weekend to decide which properties they want to request to view, and so they’re making sure they’ve signed up to find out first when a home comes up for sale.