We’re just a few weeks into 2022, but New Year home-movers have been quick off the mark already this year.
Many sellers sprang into action before the end of last year. We had our busiest ever Boxing Day for new sellers listing their homes for sale.
These ‘early-bird sellers’ who got a head start the 2022 housing market are now benefiting from the busiest-ever start to the year, with the number of potential buyers enquiring about homes up 15% on this time last year.
Buyers are moving fast
As a result, competition among buyers is almost double what it was last January, and eager buyers are snapping up homes quickly.
On average, sellers found a buyer for their home two weeks faster in December 2021, compared to the same period the previous year.
“This is a good reminder to buyers to move fast and book a viewing as soon as a property you’re interested in comes to market,” said Tim Bannister.
“Almost 40% of people enquiring about a home who have a property to sell say that they are yet to list it for sale. In the current market, as you will be competing against other buyers who are able to move more quickly, this is likely to mean you’ll miss out on the home you want.
“To put yourself in the best possible position to proceed, you should become a ‘power-buyer’, by making sure your current home is on the market, or preferably sold subject to contract first, before starting the search for your new home,” he added.
More choice for home movers in the coming months
The good news if you’re looking to move right now is that we’re starting to see more homes being put on the market.
“The number of requests from would-be sellers for estate agents to value their home has continued to increase from the end of 2022, and was the busiest ever opening to a year for home valuation requests,” said Tim Bannister.
“While this potential new supply will take a little while to appear on the market, it’s an encouraging sign of more choice for buyers in the coming months.”