Rightmove sees record demand in January

Rightmove recorded its busiest January ever with buyer demand up 16% from the same month a year ago, adding there were ‘early signs’ that more homes were coming in in the market to ease the pressure on prices.

The real estate website, founded in 2000, saw more than 218 million visits to its site and apps last month, up 3% from last year and 44% in January 2020. before the pandemic. Buyer demand was 24% higher than that of January 2020.

Tenant inquiries are also up 17% from last year and 33% from January 2020, the firm says.

But he adds: “Despite continued strong buyer demand, there are early signs of a more balanced market going into 2022.”

The number of new homes for sale on the market jumped 10% in the last two weeks of January compared to the same period last year.

He adds that requests for expertise from real estate agents increased by 27% compared to January last year, 53% compared to 2020 and 52% compared to 2019.

Earlier this week, the average price of a house in the UK jumped 11.2% on an annual basis in January to £255,556, according to Nationwide’s latest monthly house price survey.

Rightmove’s director of real estate data, Tim Bannister, said: “We know that January is typically one of the busiest months for agents, buyers and sellers aiming to start the new year with plans for a new home, but even for a month of January, agents are reporting that it will go down as one of the busiest ever.

“The strong demand from buyers at the start of the year, even higher than January last year, shows us that people are still evaluating their needs and where they want to live, as they consider factors such as space or return to the office.

“The jump in new properties coming on the market over the past two weeks is a positive sign that there will be more choice to meet this demand in 2022, and the significant jump in appraisal requests during the month by compared to previous years, signals that there may be even more choices to come in the near future.”

Chestertons chief executive Guy Gittins added: “Following a busier than usual December, the London property market continued to see record numbers of buyers signing up throughout January. . A strong indication that the market will remain at high levels of activity in the first half of this year.

“While spacious properties or houses with outdoor space remain in demand, flats in some of London’s most central boroughs are seeing a steady return. This is particularly driven by professionals returning to the office and looking for nearby accommodation as well than international investors and students.

“With the London property market currently failing to meet the demand of house hunters, rising prices and competitive market conditions are inevitable.

“To secure their ideal property, buyers are advised to put themselves in the best possible position by having their finances and documents in place before they begin their search, as this will enable them to act quickly.”

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