Why buyers could see more homes for sale this summer
It’s been a busy year for home-buying. There haven’t been enough homes for sale to keep up with number of people wanting to move, and this has pushed house prices to an all-time high.
If you’re thinking about moving, the good news is that we’ve started to see some more properties coming onto the market, which could ease some of the pressure we’ve seen on the housing market recently.
When comparing the past two weeks with the same period in 2021, we’ve seen 14% more properties listed for sale. In addition, we’ve seen the highest number of valuation requests since May 2021, which is a sign of more potential choice to come in the near future.
What’s so important about property valuation requests?
We saw the busiest day for property valuation requests since May 2021 on 22nd June this year. It was also the fourth busiest day we’ve ever seen for property valuation requests.
A property valuation is when prospective buyers contact estate agents to request a visit to their home to provide a market appraisal of its value. This is usually the first step sellers take when thinking about putting their home on the market, and could mean we’re about to see more homes for sale.
Our property expert, Tim Bannister, says: “New instructions to agents are up 14% in the last two weeks compared to last year, which will be welcome news for buyers wanting more choice, and the high number of valuation requests we’ve recorded is a positive sign of more potential choice to come.”
Although levels of demand have dipped compared to the exceptionally busy housing market of a year ago, demand from home-movers remains high, so estate agents are looking out for buyers who are in a position to proceed.
“There is still more buyer demand than the supply of homes available to buy, and the market remains very active. So if you’re planning a move, it’s important to give yourself the best chance of success by getting your property on the market if you have a home to sell,” says Tim.
“Our insights from prospective sellers show some delay putting their home on the market because they think it’s more important to find a new property that they like first, or they’re worried about finding a buyer for their current home before they’ve found their next one. Estate 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,” he adds.
Want to know how much your home is worth? Here’s how to arrange a property valuation
What should you look for when choosing an estate agent?
With so many people contacting agents to request property valuations at the moment, we asked prospective sellers what’s most important to them when choosing an estate agent to help sell their home.
Responsive staff and professionally presented properties – things that can help with progressing a sale quickly – came top of the list. These were more highly prioritised than things like an agent providing the highest valuation, or the lowest agency fees.
| Agent feature | Ranked as most important to sellers |
|---|---|
| 1. The staff are responsive | 87% |
| 2. They present their properties professionally | 86% |
| 3. They are knowledgeable about the local property market | 84% |
| 4. The staff are personable | 73% |
| 5. Confidence in the speed they could sell my property | 67% |
| 6. They successfully sold properties similar to mine | 67% |
| 7. They have good reviews online | 57% |
| 8. They’re located near my property | 34% |
| 9. They have the lowest fees | 32% |
| 10. A friend or family member has recommended them | 22% |
| 11. They provide the highest valuation | 21% |
If you’re thinking about making a home-move soon, we have tools that can help you get started. Try our mortgage calculator, find out how much stamp duty you’ll pay, or check sold prices of homes in your chosen area.
The header image for this article was provided courtesy of The Modern House, London.
READ MORE: How long does it take to move home in 2022?
