Landlords considering selling up because of the tighter regulations and larger tax bills forced on the rental sector may be alarmed to see new figures from Rightmove.
They show a glut of properties coming on, with requests from prospective sellers for valuations now at their highest level since the start of the year.
Home valuation requests to agents were at their highest in the week commencing June 20 since January, and 24 per cent higher than the same week in June 2021.
The number of new properties for sale is up by 14 per cent over the past two weeks compared to the same two weeks last year.
The time to find a buyer is at a near-record low of 32 days, therefore agents are reporting that those with plans to buy and also a home to sell, may see more success by putting their own home on the market first before searching for their next home.
Tim Bannister, Rightmove’s Director of Property Science comments: “In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too.
“New instructions to agents are up 14 per cent in the last two weeks compared to last year, which will be welcome news for buyers wanting more choice, and the high number of valuation requests we’ve recorded is a positive sign of more potential choice to come.
“However, there is still more demand than supply, and the market remains very active, so for those planning a move, it’s important that they give themselves the best chance of success by getting their property on the market if they have a home to sell.
“Our insights from prospective sellers show some delay putting their home on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one. Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other home-movers who may have already found a buyer for their home or don't have a property to sell.”
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