Is it a buyer’s market?
Figures released by Rightmove point to a strong start to the year with record numbers of homes listed for sale and potential buyers registering their interest in properties with Estate Agents.
Rightmove report an increase in property listings since 26th December 2024 of 11% compared to the same period in 2023/24 and have recorded this as a 10 year high.
Recorded sales for the same period have also increased by 11% and prospective buyers registering their interest with Estates Agents has increased by 9% providing further reassurance to anyone thinking about selling their property.
Colleen Babcock, property expert from Rightmove said:
“New sellers have started the year with a bang, with a record number coming to market not only on Boxing Day itself, but across the start of the year to date. We’ve also seen a strong start to the year in new seller asking prices, though given the higher-than-anticipated seller competition, we would expect this to slow down over the next few months. The record number of sellers we’re seeing is a double-edged sword. It’s encouraging to see so many sellers with the confidence to come to market, providing buyers with fresh choice. However, with lots of homes for buyers to consider, sellers will need to work even harder to stand out from the crowd and attract a buyer. This could be with a tempting asking price, standout home features, immaculate presentation of the home, or a combination of all of these. It’s vital that in a competitive market, sellers take on the recommendations of their agent, particularly when it comes to setting a realistic price.”
Wendy Andrews, a Conveyancing Technician in the Residential Conveyancing at Lawson West commented, “these figures are great news for sellers and buyers alike whether they’re buying their first home or looking to move to a new home.”
At Lawson West our Team of dedicated and expert Conveyancers understand that for most people your home is the biggest purchase you will ever make and themselves on the level of service provided to our clients. Unlike many conveyancing firms, we carefully limit the number of clients we act for and ensure that all clients have a dedicated and experienced lawyer to represent them throughout the process.
If you believe you have a situation where you require legal advice, please contact us on telephone 0116 212 1000 or 01858 445 480, alternatively fill in the free Contact Us form and we will get in touch as soon as possible.
Please note:
Stamp Duty Changes
*The temporary increase in the nil rate stamp duty thresholds (in England & Northern Ireland) will expire on 31 March 2025 and revert to their previous levels. For first time buyers purchasing a property of under £500,000, the nil rate band threshold will fall to £300,000 from £425,000 at present, while for other residential buyers, the nil rate band threshold will decline to £125,000, from £250,000. This means more purchasers will have to pay stamp duty.
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