Rightmove says the market is on the rise again

Rightmove has reported that the real estate market is experiencing an up-turn, with prices of newly listed properties increasing an average of 1.1 percent in the past month.

Its latest market snapshot says this is the biggest month-on-month rise for over a year and the largest at this time of year since 2016.

The portal says that it’s usual for properties coming to the market at this time of year to see a price rise as the spring moving season gets under way, but this month’s is spectacular given the economic backdrop.

However Rightmove admits the uncertain political backdrop continues to hold back the market with new seller asking prices, the number of properties coming to market and the number of sales agreed all below this time last year. 

Miles Shipside, portal director and housing market analyst, says: “The rise in new seller asking prices reflects growing activity as the market builds momentum, egged on by the arrival of Easter. Some sectors of the market and some parts of the country have strong buyer demand and a lack of suitable supply. 

“However, on average, properties are still coming to the market at slightly lower prices than a year ago. It’s one of the most price-sensitive markets that we’ve seen for years, with buyers understandably looking for value or for homes with extra quality and appeal that suit their needs.”

The portal says the family home sector made up of three and four-bedroom properties -  excluding four-bedroom detached - is outperforming other sectors in the key metrics. 

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