Surge in buyer demand outstripping new instructions means more price rises on the way

There are buyers galore – but new seller numbers are failing to keep up with demand, Rightmove is reporting this morning.

It says that the boom in buyer activity which is outstripping the number of new listings is pushing up asking prices to near record levels.

The price of property new to the market over the last month is up by 0.8%, equating to an average of £2,589, which is just £40 short of a new all-time high.

Rightmove puts the current new asking price at an average of £306,810, with first-time buyer properties averaging £193,768.

The record for the highest new asking prices was set in June 2018.

The portal, which has been recording a 7.2% rise in traffic, says that the scene is set for new price records this coming spring.

Rightmove also says that while new listings lag demand, they are starting to recover, up by 2.1% in the last month compared with the same period last year.

There were over 110,000 properties coming to the market in the latest reporting period, January 12 to February 8 – a period which for the purposes of its monthly house price index, Rightmove calls ‘February’.

Average stock per branch, including properties SSTC, is 45.6, up fractionally from 44.8 a year ago.

The uplift in new instructions is the first year-on-year rise for 13 months.

Rightmove director Miles Shipside said: “There is a boom in buyer activity outstripping the rise in the number of new sellers, which we expect to lead to a series of new price records starting next month.”

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12 Comments

  1. Will2

    With increasing interest in the sales market and the increase in government landlord bashing we could be facing an accelerating decline in rental property supply and rent rises as landlords tire of the ongoing and unrelenting government attacks on the private rented sector.

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  2. GeorgeOrwell

    Rightmove, Miles Shipside & Co – Why not go and work for a living. Periodically spouting pr stats is the cheapest form of trying to portray yourselves as relevant. In reality it just highlights how little you do for your money. All you are doing is creating unhelpful headlines – the ultimate useless click bait

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    1. PeeBee

      Unlike, it seems, one or two of the EYE audience, I agree 100%, GeorgeOrwell.

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    2. Seller0169

      WOW!

      Did you get out of the wrong side of bed this morning?

      That’s a bit like saying Google shouldn’t comment on internet traffic and trends…

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      1. GeorgeOrwell

        I get out of bed for a living Seller0169, I go to work, I work damn hard for my clients

        Miles & Rightmove however are happy to lie in bed and tippity tappity away just stating the obvious?

        If you need me to point out where the end of your nose is, just let me know, I can email you a map

        An excerpt from Rightmove’s future “Live” guide to the weather –

        Standard Membership £1000 per month – “Users should go to the window and look outside”

        Premium Membership £1500 per month – “Advice as above, however, please go outside and look”

        Exclusive Membership £2000 per month – “Advice as above, however, please lick forefinger and hold up above your head, if safe to do so”

        OnTheMarket, Zoopla et al will likely launch similar features, initially at a lower cost then gradually increase

        Rightmove will then make weekly announcements about the weather, release stats, pr, online workshops, best weather award, wettest finger, largest forefinger (agents who submit their finger size will be charged per mm according to finger length), RM’s Weather Guide will be floated on the stockmarket, shares sold ————- You get the idea Seller 0169

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        1. Seller0169

          The only idea I get GeorgeOrwell is that you’ve got too much time on your hands to be typing emails like this, you sound like a spoilt child who doesn’t get his way

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          1. GeorgeOrwell

            Hold on Seller0169 – here’s your dummy, you spat it out onto the floor again

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          2. Property Pundit

            Not an email.

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  3. surrey1

    7.2% rise in traffic (window shoppers) should warrant another 25% annual price hike! So glad we left.

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  4. J1

    I feel an annual Rightmove price increase is on the way…………….
     

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    1. NotAdoctor32

      A feeling that will never go away.

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  5. houseseller

    sounds like a good promo for PB Rightmove-houses selling anyway so just list and sells itself -Im buying PB Shares thanks

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