Rightmove: Estate agent valuation leads rise in ‘sign of stock shortage easing’

The number of prospective sellers contacting estate agents to have their home valued has hit its highest level since January, Rightmove claims.

The portal suggests this is a sign of the stock shortage easing.

Its data showed 22 June was the fourth highest ever day for home valuation requests and the busiest day for home valuation requests since May 2021.

The number of home valuation requests for the week commencing 20 June 2022 was the highest since January, and 24% higher than the same week last year.

Meanwhile, the number of new properties coming to the market over the past two weeks is up 14% compared to the same period last year, Rightmove said.

The time to find a buyer is at a near-record low of 32 days, therefore agents are reporting that those with plans to buy and also a home to sell may see more success by putting their own property on the market first.

It comes as research among 2,500 prospective sellers by Rightmove aimed to identify what people want from their estate agent.

When choosing an agent to sell their property, the findings show that 87% of prospective sellers value agents being responsive, while 86% like how properties are marketed.

Local market knowledge was rated by 84% of respondents, while just 32% sought low fees and 21% would opt for the agent who provides the highest valuation.

Tim Bannister, director of property science for Rightmove, said: “In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too. 

"New instructions to agents are up 14% in the last two weeks compared to last year, which will be welcome news for buyers wanting more choice, and the high number of valuation requests we’ve recorded is a positive sign of more potential choice to come.

“However, there is still more demand than supply, and the market remains very active, so for those planning a move, it’s important that they give themselves the best chance of success by getting their property on the market if they have a home to sell. 

“Our insights from prospective sellers show some delay putting their home on the market because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one. 

“Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other home-movers who may have already found a buyer for their home or don't have a property to sell.