As a result of home-moving data being analysed, estate agents are being told to prepare for a busy selling season as March has been identified as the strongest month of the year.
Rightmove has studied comparable data from the last five years, excluding 2020 to account for the closed market periods due to the pandemic. The findings reveal that March is the month where there are highest number of enquiries about properties available on average.
This further suggest that competition among homebuyers is at its strongest in March on average which provides potential sellers with a good chance of selling their home.
Reports from the property portal indicates that approximately three quarters of all properties are finding a successful purchaser within an average of 39 days, compared to half of all properties finding buyers in an average of 59 days over the last 5 years.
The number of new listings that estate agencies are bringing to the market is historically at its highest in March. Along with high levels of buyer demand, March remains as the strongest month to sell.
April is the second strongest month to sell, followed by May.
The property market has seen an increase since the start of the year alone. The volume of new listings for sale has increased by 11% in the last three weeks compared to the same time last year. Buyer demand is also up by 32% across the same period.
Valuation requests have increased by 27% since the start of the year compared to the start of 2021.
Tim Bannister, Rightmove’s director of property data, commented: “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.”