Buyer demand up 3% for second steppers, 6% up for first-time buyers

Buyer demand is up and confidence returning to market!

The latest Rightmove Index reveals that buyer demand is 3% higher than in 2019 for second steppers and 6% above for first-time buyers. However, buyer demand is 1% lower than in 2019 for top-of-the-ladder properties.

The average price of property coming to the market has jumped by 1.8% (+£6,647) this month to reach a new record of £372,894 in a delayed response to the higher-than-expected level of market activity since the start of the year. This recorded 1.8% monthly increase is the biggest of the year so far and is significantly higher than the historic average May rise of 1.0% says the property portal.

Rightmove acknowledges that the current multi- speed, hyper-local market is still price-sensitive, and buyer affordability is still stretched. Whilst increased seller pricing confidence in the first-time-buyer and second-stepper homes sectors has more justification, there are some signs of over-optimism in the top-of-the-ladder sector. Average mortgage rates are remaining steady despite another increase in the Bank of England base rate. An average 5-year fixed, 15% deposit mortgage is now 4.56%, compared to 5.89% last October which is also returning confidence to the market.

 

Request a free valuation today and get your move underway.

 

Arins - selling homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

 

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