Rightmove posted its busiest ever January with buyer demand up 16% compared to the same month a year ago, adding that there were “early signs” more homes were coming onto market to ease price pressure.
The property website, founded in 2000, recorded over 218 million visits to its site and apps last month, up by 3% compared to last year, and 44% up on January 2020 prior to the pandemic. Buyer demand was 24% higher than in January 2020.
Enquiries from tenants also lifted by 17% compared to last year, and 33% compared to January 2020, the firm says.
But it adds: “Despite strong sustained demand from buyers, there are early signs of a better-balanced market over the course of 2022.”
The number of new homes coming to the market for sale jumped 10% in the last two weeks of January compared to the same time last year.
It adds that valuation requests to estate agents increased by 27% compared to January last year, by 53% compared to 2020, and by 52% compared to 2019.
Earlier this week, the average price of a UK home jumped by 11.2% on an annual basis in January to £255,556, according to the latest monthly house price survey from Nationwide.
Rightmove director of property data Tim Bannister says: “We know that January is typically one of the busiest months for agents, with both buyers and sellers aiming to start the new year with plans for a new home, but even for a January, agents are reporting this will go down as one of the busiest ever.
“Strong buyer demand at the beginning of the year, even higher than that of January last year, shows us that people are still evaluating their needs and where they want to live, as they consider factors such as space, or returning to the office.
“The jump in new properties coming to the market over the last two weeks is a positive sign that there will be more choice to meet this demand during 2022, and the significant jump in valuation requests in the month compared to previous years, signals that there could be even more choice to come in the near future.”
Chestertons chief executive Guy Gittins adds: “Following on from a busier than usual December, London’s property market has continued to see record numbers of buyers registering throughout January. A strong indication that the market will remain at high activity levels in the first half of this year.
“While spacious properties or homes with an outside space remain sought-after, apartments in some of London’s more central boroughs are experiencing a steady comeback. This is particularly driven by professionals who are returning to the office and are seeking a nearby home as well as international investors and students.
“With London’s property market currently not meeting demand from house hunters, rising prices and competitive market conditions are inevitable.
“To secure their ideal property, buyers are advised to put themselves in the best possible position by having their finances and paperwork in place prior to starting their search as it will enable them to act fast.”
