Rightmove reports superfast sales

first_imgHome » News » Housing Market » Rightmove reports superfast sales previous nextHousing MarketRightmove reports superfast salesBrexit worries aside, time to sell drops to 57 days, the fastest ever measured by Rightmove.The Negotiator22nd June 20160574 Views Many pundits currently report on ‘slowing market sentiment’ and ‘the Brexit effect’ but when all the perceived influences around the property market are ignored, the basic fact is that if an individual, a couple or a family needs – or seriously wants – to move, they will, if they possibly can.This is why house prices rise when those pundits who like peoples’ actions to be neatly pigeon-holed, express surprise at those who are so bold that they move when they choose to move.This rationale is borne out by Rightmove’s latest report, which reveals that the average price of property coming to market has hit a new high of £310,471 with a monthly rise of 0.8% (+£2,320). There have, says Rightmove, been price rises every month so far in 2016, showing that even the well publicised ‘uncertainty associated with the EU referendum’ has failed to halt this year’s upwards price momentum.Miles Shipside (left), Rightmove Director, says, “In many parts of the country, the over-riding factor of supply outstripping demand has so far overcome buyers’ usual reluctance to make major financial decisions at times of political uncertainty. Most seem to be getting on with the certainties they can control, namely if you find a suitable property snap it up. Indeed the figures for average time to sell indicate that properties are being snapped up more quickly than ever.”The average number of days to sell stands at 57 this month, down from 60 the previous month. At this time last year it was 65 days. While some prospective buyers are putting in offers within hours or days, this is an average for all properties and the timescale is from when a property is first marketed on Rightmove to when the estate agent marks it as “sold subject to contract”.The estate agents we speak to mostly report that their local market is ‘strong’ if not ‘booming’ and the two quoted by Rightmove:Rupert Briggs of The Personal Agent in Surrey says, “The market is still very strong in our areas and we have more buyers than sellers. The market is definitely a lot more price sensitive, and properties need to be marketed at the correct price to achieve a good level of interest. There is a little uncertainty regarding Brexit but in general it has not affected the market in our areas.”Kai Logan of Bradleys Estate Agents in Somerset, Devon and Cornwall says, “Activity in the market place remains strong with figures on instructions, viewing and offers all very positive. There appears to be a slight hesitancy with buyers committing to a purchase, particularly on higher priced properties. We expect to see heightened sales activity following the EU referendum when people know the outcome, regardless of the result.”property sales ‘the Brexit effect’ average ‘time to sell’ Rightmove report June 22, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more