First week of housing market reopening in England – the stats so far
May 29, 2020
First week in the rental market
DEMAND
- Demand for rental property is up 33% compared to this time last year as the market reopens and renters jump into action, with Monday 18th May seeing the highest level of rental demand ever recorded in one day on Rightmove
STOCK & LET AGREED
- Almost 23,000 new rental listings have come to the market since the first day of reopening, down 10% on the same week last year
- Total available stock for rent is now up 13% since before lockdown
PRICES
- Asking rents are currently up 2.1% on 2019, down from an annual rate of 3% before lockdown. They are on average £1,089 per calendar month (for all of Great Britain)
BIGGEST RISERS
- Biggest increase in rental searches compared to last year are in Rotherham (+97%), Cambridge (+77%) and St Helens (+75%)
First week in the resale market
DEMAND
- Demand for property up for sale is now down just 7% compared to this time last year, and up 120% compared to the previous week
STOCK & SALES AGREED
- Almost 11,000 new sales listings have come to the market since the first day of reopening, 65% down on the same week last year although improving from 90% down during lockdown
- There is currently £230 billion worth of property currently on Rightmove, circa 95% of the housing market
- Total available stock for sale is down 2.5% since before lockdown
REDUCTIONS
- 1% of properties up for sale have been reduced over the past week, compared to 2% over the same week last year
- The average size of a reduction over the past week was 4.5%, the same size of a reduction as in the same week last year
ASKING PRICES
- Average asking prices of all property up for sale are up 2% on last year, the same as before the lockdown. The current average is £311,828 (for all of Great Britain)
BIGGEST RISERS
- Biggest increase in buyer searches compared to last year are Manchester (+60%), Liverpool (+54%) and Leeds (+38%)
TRAFFIC ON SITE
- On Tuesday 19th May Rightmove recorded the busiest day since Thursday 5th March, with almost 5.3 million visits, up 4% on the same day in May last year
Rightmove’s Housing Market expert, Miles Shipside, comments: “One week on from the surprise opening of the housing market and agents are still showing caution and quite rightly putting safety first, but many had already started to prepare during lockdown and so have been able to start reopening their branches and conducting viewings. The activity jump on Rightmove proves the determination of home-movers to continue with their plans over the next few months. The pause button put many of the usual metrics we report on out of kilter and so a week’s worth of data should only be taken as an early indication of activity, but it’s certainly encouraging.”
You May Also Enjoy
Almost one in five first-time buyers seeking max 60% LTV mortgages
Almost one in three (31%) first-time buyers are opting for 90% LTV mortgages, and a further 10% are looking at 95% LTV options. This hints at many first-time buyers relying on 5-10% deposits. This translates to £13,650 to £27,300 at the average UK house price of £272,995 [source]. Almost one in five (17%) first-time buyers…
Read More 
Property values bounce back in October
The latest Halifax Property Index shows that: – House prices rose by +0.6% in October vs a fall of -0.3% in September Fourth time in last five months that the average price has increased Average property price now £299,862, edging up to a new record high Annual rate of growth rises to +1.9% (up from…
Read More 
UK house prices rise at fastest pace since January
House prices rose by +0.6% in October vs a fall of -0.3% in September Fourth time in last five months that the average price has increased Average property price now £299,862, edging up to a new record high Annual rate of growth rises to +1.9% (up from +1.3% in September) Mortgage approvals reach highest level…
Read More
Rightmove accelerates AI product delivery to surface more potential sellers and buyers for agents
The UK’s largest property platform Rightmove is today announcing a series of AI developments for consumers and partners, to help agents reach more potential sellers, buyers and renters. There are currently 27 AI initiatives in development, as Rightmove makes AI technology central to its platform to benefit partners and home-movers. Four new developments – two…
Read More 
How to Pick the Best Option for your Business’ Broadband
Having a dependable broadband connection is crucial for any business. Whether you run a small office or a larger company, a slow or unstable connection can disrupt work, affect communication, and reduce productivity. Picking the right broadband package does not have to be complicated, but it does require careful thought about your business’s specific needs…
Read More 
Bank of England Hold’s Interest Rates at 4%
With the Bank of England holding Interest Rates at 4%, here are some thoughts from the Industry. Matt Smith, Rightmove’s mortgages expert: “Ahead of one of the most widely anticipated and discussed Autumn Budgets of recent times, it was unlikely the Bank would go for another interest rate cut so close to the announcement and…
Read More