People searching – but where are the sellers

According to Rightmove, the early signs for 2012 shows an increase in search activity – up 27% on 2011 with 44 million property searches.

Rightmove see this partially due to pent up demand due to the continuing lack of mortgage funding. They also believe that Estate agents are marketing the lowest number of properties ever – just 1 new property per week per branch.

Asking prices – a mixed bag

Although only just into 2012, Rightmove has seen initial asking prices up by 1.4% in the first week – although still 0.8% lower than last months figures.

The average asking price is now set at £224,060 and represents a 0.4% increase since January 2011.

2012 – the winners and losers

Rightmove is attempting to forecast who it sees to be the winners and lowers to come in the next year:

· 2012 Winners: deposit-assisted first-time buyers, equity-blessed trader-uppers, savvy buy-to-let investors, some golden-oldies, and those selling properties ‘with a difference’

· 2012 Losers: trapped renters and sellers of ‘average’ homes unwilling or unable to offer a cut-price deal

Miles Shipside, director of Rightmove comments:

Old records are being shattered as search activity is up by a staggering 27% on this time last year. Potential buyers and sellers are looking more often and researching more thoroughly. In areas where there is a lot of property up for sale, buyers are looking hard for properties that tempt them with something really special in terms of value, potential, location or quality of finish. If it doesn’t shout ‘special’ then they are unlikely to overpay for the privilege of buying an average property in these mortgage-constrained times……

 

People searching – but where are the sellers

According to Rightmove, the early signs for 2012 shows an increase in search activity – up 27% on 2011 with 44 million property searches.

Rightmove see this partially due to pent up demand due to the continuing lack of mortgage funding. They also believe that Estate agents are marketing the lowest number of properties ever – just 1 new property per week per branch.

Asking prices – a mixed bag

Although only just into 2012, Rightmove has seen initial asking prices up by 1.4% in the first week – although still 0.8% lower than last months figures.

The average asking price is now set at £224,060 and represents a 0.4% increase since January 2011.

2012 – the winners and losers

Rightmove is attempting to forecast who it sees to be the winners and lowers to come in the next year:

· 2012 Winners: deposit-assisted first-time buyers, equity-blessed trader-uppers, savvy buy-to-let investors, some golden-oldies, and those selling properties ‘with a difference’

· 2012 Losers: trapped renters and sellers of ‘average’ homes unwilling or unable to offer a cut-price deal

Miles Shipside, director of Rightmove comments:

“Old records are being shattered as search activity is up by a staggering 27% on this time last year. Potential buyers and sellers are looking more often and researching more thoroughly. In areas where there is a lot of property up for sale, buyers are looking hard for properties that tempt them with something really special in terms of value, potential, location or quality of finish. If it doesn’t shout ‘special’ then they are unlikely to overpay for the privilege of buying an average property in these mortgage-constrained times……

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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