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Properties snapped up in near-record time

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Written by: Shekina Tuahene
06/07/2022
The time it takes for a home seller to find a buyer has reached a near record low of 32 days, according to Rightmove.

The property website reported homes are being snapped up in around a month, just as signs of the stock shortage is starting to ease slightly as more owners take advantage of record asking prices to sell this summer.

It said the number of new properties coming to market in the last two weeks was up 14% on 2021. 

Further, the number of people contacting estate agents to have their homes valued has reached its highest level since January.

According to Rightmove, this indicates more homes will come to market as this is typically the first step a seller makes before listing their property. 

The property portal firm said 22 June was the fourth highest day ever for home valuation requests, and the busiest day since May 2021. 

The number of home valuation requests which occurred in the week commencing 20 June was also at its highest since January, and 24% up on the same week last year. 

Meanwhile, Rightmove is urging prospective sellers to put their properties on the market first before searching for their next home.

Tim Bannister, Rightmove’s director of property science, 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.

“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.”  

“Our insights from prospective sellers show some delay in putting their homes on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one. Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other home-movers who may have already found a buyer for their home or don’t have a property to sell.” 

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