The number of homeowners planning to put their homes on the market has hit its highest point since January in recent weeks.
New data from Rightmove shows the number of prospective sellers contacting estate agents to have their homes valued is rising rapidly, with more home valuation requests in the week of June 20 than in any other since January, with 24 per cent more requests than the same week in 2021.
Typically, home valuation requests are the first step for a seller looking to list their property on the market. Accordingly, the number of new properties listed for sale has risen by 14 per cent in the two weeks since.
According to Rightmove, the surge in property valuation requests may be the result of sellers trying to complete their own future home purchases before the end of the year.
At present, conveyancing delays mean that this process is taking 150 days on average, meaning that sellers need to come to the market imminently in order to move home before Christmas.
In addition, there are signs that the record house prices highs recorded this year are beginning to slow down. Annual house price growth is currently set at 9. 7 per cent, which Rightmove predicts will fall to 5 per cent by December this year.
For sellers, this may provide an added incentive to sell quickly.
Tom Bill, head of UK residential research at Knight Frank said: “Buyers know mortgage rates are rising and sellers sense price growth is slowing, which has produced a sweet spot of high demand and stronger supply.”
There are still more keen buyers than homes on the market, however, as well as very strong employment figures, meaning estate agents are not predicting house price falls.
Buyer demand per property remains more than double the pre-pandemic average, with it currently taking sellers just 32 days to find buyers for their properties.
As a consequence, agents advise homeowners planning a move to put their own property on the market before beginning their search for a new home.
Rightmove’s Tim Bannister 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 per cent 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.”
