Cutting Through the Jargon – Early-Bird Catches the Worm

Early-bird sellers benefit from the busiest ever start to a New Year, according to Rightmove’s latest House Price Index.

House price increases during January have resulted in the highest rate of growth year-on-year since May 2016.

The average price of property coming to the market has increased by 0.3% this month, which is £852 more than in December 2021. Compared to this time last year, that is a jump of 7.8%.

Average first-time buyer asking prices have also risen, hitting a new record of £214,176. This is a 1.4% increase from last month and a 6.8% jump from last January’s prices.

Early reports from Zoopla also show that the demand for apartments in the sales market has rebounded as cities are allowed to fully re-open.

As working patterns become more hybrid for office-based staff, the draw of the office as a place for collaboration and engagement will support the recovery of housing demand in cities in 2022.

What does this mean for sellers? 

As significant buyer demand continues this month, we anticipate seeing sellers continually benefitting from the increased levels of buyer competition.

Rightmove has recorded a 15% increase in buyers enquiring about homes in comparison to this time last year, which means now is a great time to put your home on the market to maximise its value.

Sellers looking to put their apartment on the market can now do so with confidence as buyer demand for these types of properties returns, particularly in city centres.

What should buyers expect? 

Competition between buyers has almost doubled in comparison to January 2021. However, Rightmove has reported early signs that more property choices will soon be available on the market as the number of valuation requests has increased by 44%.

To put yourself in the best possible position to get the home you want, you should become a ‘Power Buyer’. Power Buyers are the readiest to proceed with a purchase – either having sold their property or having cash in the bank or a mortgage in principle ready to buy.

So, if you have a property to sell, you can easily become a power buyer by putting your current home on the market when you start searching and offering on a new home.

If you are looking to move this year, our team is here to help. Get in touch with your local Redbrik branch for advice on buying, selling, letting or renting here.