According to Rightmove, Boxing Day 2021 saw the highest number of properties coming to the market on what is already considered a traditionally busy day, giving hope to the property market in 2022.
While stock remains low and prices continue to increase due to demand, the market is seeing positive changes that will hopefully help it to rebound in 2022, as many industry professionals have predicted will be the case.
Rightmove’s House Price Index for January indicates the surge in the number of buyers enquiring about homes is up 15% year-on-year. Of those enquiring about a property on the marketing, 40% have yet to put their property on the market which would help to bolster the stock available.
Although, waiting is causing many homeowners to lose out to first-timer buyers or homeowners who have already sold their property, also known as ‘power buyers’. ‘Power buyers’ are those who are in a great position, ready to move and often with secured finance making them a more attractive buyer.
The number of home valuation requests in the first week of January is up 44% on January 2021. It is also 48% up on 2020 – showing the market to be in a favourable position when compared to pre-pandemic figures.
Tim Bannister, Rightmove’s Director of Property Data comments: “New Year sellers and buyers have been quick off the mark this year, with Rightmove recording the highest ever number of Boxing Day sellers coming to market.
“These early-bird sellers who got themselves ready to come to market are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year.
“It’s clear that the trends which defined the market in 2021 have carried over into this year. That being said, we are seeing early signs of a better-balanced market in 2022. The number of requests from would-be sellers to agents to value their home has continued to increase from the end of last year and was at one of its highest points ever on the first working day of this year.”
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