Rightmove expert reacts to ONS figures
Colleen Babcock, property expert at Rightmove, said:
“Today’s ONS figures reflect the seasonal uplift we typically see at the start of the year, which mirrors what we’ve already observed in our own January and February data. With the number of homes for sale now at its highest level in over a decade, buyers are benefiting from significantly more choice, and that competition between sellers is becoming more apparent.
“We’re seeing the longest average time to secure a buyer at this point in the year since 2019, with homes now taking around 64 days to find a buyer on average. This underlines how important it is for sellers to price realistically from the outset. In a market with plenty of available stock, homes that are priced correctly are better placed to attract early interest and secure a sale.
“While some movers may be taking a pause with their home-moving plans amid wider global uncertainty, overall activity has remained resilient. Sales agreed are just 3% below the busy market this time last year and still 15% ahead of 2024 levels. The market is still moving, albeit at a steadier and more considered pace as we head further into spring, despite ongoing global uncertainty.”
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