March revealed as the strongest month to sell as spring surge gathers momentum
Rightmove analysis reveals that March is the strongest month of the year to sell a home, having the highest number of buyer enquiries per property for sale on average over the last five years
While new listings are also highest in March, strong demand from buyers in the month means March sees the highest competition for the homes available on average
As the spring surge gathers momentum, home-moving activity continues to ramp up:
– New listings are up 11% in the last three weeks compared to the same period last year
– Buyer demand is up 32% over the last three weeks compared to the same time last year
– Home-valuation requests to estate agents are up 27% since the start of the year compared to the start of last year
- Searches for gardens have jumped 70% in two years, as more people continue to look for outdoor space
Why is March the strongest month of the year to sell?
The study, which compared home-moving data over the last five years, excluding 2020 to account for the closed market periods, showed March is the month when the highest number of buyers are enquiring about each property available on average.
This means competition between buyers is at its strongest in March on average, providing an opportunity for many would- be sellers to have a good chance of selling their home.
Currently, approximately three quarters of all properties are successfully finding a buyer, compared to a historical average of around half, and homes are finding buyers in an average of 39 days, compared to an average of 59 days over the last five years.
The number of new listings coming to market is also historically at its highest in March, though the high levels of buyer demand seen in the month means March is still the strongest month to sell.
April Is A Strong Time Too
April is the next strongest month to sell, based on competition between buyers for each available property, followed by May.
As this year’s spring surge gathers momentum, the level of home-moving activity continues to increase since the start of the year.
The number of new listings coming to the market for sale is up 11% in the last three weeks compared to the same time last year, while buyer demand is up 32% across the same period.
The number of requests to estate agents to value a home from would-be sellers is up 27% since the start of the year, compared with the start of last year.
With warmer weather hopefully on its way, buyer searches for gardens jumped 70% in January compared to January two years ago, as more people look for outdoor space heading into spring.
Spring Sees People On The Move
“Spring has long been known as a peak point in the housing market calendar, with many buyers and sellers trying to get into a new home for the summer months. However, this interesting study confirms that for those considering selling this year, March has historically been the best time to come to market on average. For any sellers who might be conscious of coming to market at a time when the number of new listings has traditionally been high, the data shows us that the level of demand in March means sellers are likely to meet with multiple potential buyers competing for their home.”
“Those thinking of selling are also likely to be aiming to buy a new property, and may be tempted to begin the search for their new home before listing their current one on the market. Due to the speed and competitiveness of the market, agents are reporting that it continues to be of high importance for those actively looking to become ‘power buyers’, to give themselves the best chance of securing their dream home. This means making sure they have their current property on the market or preferably sold subject to contract before beginning the search for their next home.”
“This spring is certainly shaping up to be a busy one, with buyer demand, new listings coming to market for sale, and valuation requests to estate agents from future sellers all continuing to increase compared to last year. Gardens are likely to be high on the list of priorities for home-movers, as outdoor space continues to be a strong consideration factor when deciding on a next home.”
If you are thinking of moving, now really is a good time for sellers to come to the market.
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