There has been an increase in the number of people selling their homes over the last year.
According to the latest Rightmove House Price Index, there was a 13 per cent rise in new sellers coming on to the market in November 2022 compared with the same month last year.
They are also more willing to lower their prices to make a sale, as affordability among homebuyers continues to be a problem.
Tim Bannister, director of property science at Rightmove, said: “Both existing and new sellers understand that to sell in the current market, they need to price competitively.”
Consequently, house prices have declined by 1.1 per cent in the last month. This amounts to £4,519 for an average home worth £366,999.
However, Mr Bannister said this is not unusual for this time of the year, as homeowners “tend to price lower to attract buyers in the lead-up to Christmas”.
Indeed, many households are already preparing for the holiday season, making it a notoriously difficult time to sell, as few people want to move in the week before, during or after December 25th. Vendors might, therefore, be best waiting until the new year to put their homes up for sale when there is more demand.
Having more properties on the market will ensure prices do not escalate rapidly, as there is more competition among sellers. This also makes it more affordable for homebuyers to purchase their next house or flat, in addition to the government’s stamp duty cuts, which it announced earlier this autumn.
For help selling my property online, take a look here.
