During this time of the year, the housing market experiences its busiest season, as many potential buyers kickstart their relocation plans when the days draw out and the sun starts shining.
Is this still the case this year? Coming up, we’ll offer the latest housing market data from Rightmove to help you decide if now is a good time to sell your home.
Sellers are increasing asking prices
Due to the increased number of potential buyers visiting homes, sellers are inclined to slightly raise their asking prices by approximately 1% during this season, according to the latest data from Rightmove.*
However, in May, the property search portal noted a price rise of nearly twice as much. The average asking price for a home in Great Britain surged by 1.8%, reaching a record high of £372,894.*
There’s more demand for homes
This monthly increase is more significant than usual and comes after speculation regarding the housing market’s performance this year.
Towards the end of 2022 and the beginning of 2023, some buyers hesitated in their plans to move due to uncertainties surrounding mortgage rates and their potential impact on house prices. These uncertainties were influenced by broader economic changes, including alterations to the Bank of England’s Base Rate.
Nonetheless, in May, the demand from prospective home buyers has continued to surpass pre-pandemic levels, with a 3% increase in the number of people interested in viewing available properties for sale.*
What does this mean if I’m thinking of selling my home?
If you’re looking to get moving soon, you could well be entering the housing market at an opportune moment as the climate continues to steady. However, guidance from an estate agent remains essential so that you can ensure that your home is priced right. This will reduce the likelihood of a price reduction later down the line.
Homes that are priced accurately and in line with current local market trends are the ones that are getting interest from buyers. According to Rightmove “The market is still very price-sensitive and it is important that new sellers do not damage their prospects of a sale by overpricing initially and reducing later, with agents reporting that it’s the realistically-priced new instructions that are selling best,”
Are you wondering what your home could achieve in today’s market? Book your valuation with Parkers today
*Rightmove, May 2023 report
