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I Am The Agent Blog

Best ever spring sellers’ market

Best ever spring sellers’ market as prices hit another new record

  • Another new price record as the average price of property coming to market jumps by 1.7% (+£5,760) this month to £354,564, breaking through the £350,000 barrier for the first time
  • The average monthly rise is the largest seen at this time of year since March 2004, pushing the annual rate of increase to 10.4%, with all regions and countries except London and Scotland now up over 10% annually
  • Most expensive sector of four bedrooms plus sees average 3.8% (+£23,619) monthly price surge encouraging new sellers to come to market, with 12% more new listings in this sector than at this time last year
  • For those looking to move this is the best ever spring sellers’ market, not just because of record price levels:
    • We enter the spring selling season with the biggest mismatch between supply and demand for this time of year ever measured by Rightmove, with more than twice as many buyers as sellers
    • Chance of finding a buyer in first week is highest ever, and twice as likely compared to same period in 2019
  • Too early to know how the market will be affected by the longer-term economic impact of the abhorrent and devastating war in Ukraine. Rightmove initially saw slightly lower buyer demand but this has now stabilised
  • We forecast a less frothy market in the second half of the year, as economic headwinds lead to a more evenly balanced market, though demand will still outstrip supply