Sellers urged to ‘be realistic’ amid New Year buyer demand bounce - Rightmove

Agents have seen a bigger than usual New Year bounce in buyer demand, Rightmove claims.

The number of prospective buyers contacting agents is up 4% compared to the same period in 2019, and up by 55% compared with the two weeks before Christmas, the biggest New Year bounce since 2016 after the extended lull at the end of the year, the portal said.

However, the number of enquirers is still down by a third compared with the buoyant market of this time last year.

Would-be sellers jump into action with 5 January the third busiest day ever for people asking agents to come out and value their home, an early sign of confidence for the year ahead. Rightmove said.

It comes as Rightmove’s latest House Price Index revealed that after two months of falls, the average price of property coming to the market for sale rose by 0.9% on a monthly basis at the start of January to £362,438 – up 6.3% annually.

This is the highest increase for this time of year since January 2020, Rightmove said but average asking prices are still 2% below October 2022’s record. 

The report also reveals that the average time to secure a buyer increased from 45 to 52 days between November and December, while average stock per agent fell from 48 to 43 properties.

Tim Bannister Rightmove’s director of property science, said: “The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while over-valuing sellers may get caught out as property stock builds over the next few weeks and months, and they experience more competition from other better-priced sellers in their area.

“It will be important for the vast majority of sellers to remember that a drop in your asking price is likely not an actual loss compared with what you paid for it, only a failure to live up to aspirations. 

“Listening to your estate agent’s advice about your hyper-local market and pricing right the first time can avoid a stale sale and the need for even greater reductions later.”