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Is the market stalling, or is it too soon to say?

Rightmove says enquiries slowing but lack of stock keeping prices high.

"Average asking prices have hit new heights but there are signs of the market easing", Rightmove claims.

The portal’s latest listings data shows the price of property coming to market has hit a fourth consecutive record of £367,501, up by 2.1% monthly and 10.2% on an annual basis.

Its House Price Index also found agents are getting properties to the sold subject to contract stage in record time at 31 days, underlining the low level of stock and excess demand.

The speed of the market means available properties are down 16% compared with last year and down 55% compared against 2019, with new stock most desperately needed for two- and three-bedroom semi-detached homes, Rightmove said.

Ideal Home

Sales agreed are up 12% year to date compared to the same period in 2019, but in what Rightmove describes as one sign of the market easing, they are down 17% annually.

Rightmove predicted that the market will moderate later this year as economic conditions hit, and supply improves but is standing by predictions of house price growth of 5%.

Tim Bannister, Rightmove’s director of property science, said: “People may be wondering why the housing market is seemingly running in the opposite direction to the wider economy at the moment.

“What the data is showing us right now is that those who have the ability to do so are prioritising their home and moving, and the imbalance between supply and demand is supporting rising prices.

“We anticipate that the effects of the increased cost of living and rising interest rates will filter through to the market later in the year, and a combination of more supply of homes and people weighing up what they can afford will help to moderate the market.”

The phones are certainly a bit quieter in Prestwick, but that may be because of the shortage of properties to sell and the short time it takes to getting them under offer.

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