Seller confidence and buyer interest return

Rightmove has reported that its initial statistics for 2010 show increases in both seller confidence and buyer interest.

According to the property portal, sellers who have come to market so far in January are asking more for their properties “causing a big turnaround in figures that were on course for a third consecutive monthly fall”.

The firm’s commercial director, Miles Shipside, says he was expecting a drop of about 1% in asking prices, as the majority of this month’s index falls in December but the figures are on track for a 0.4% rise.

The shift coincides with potential home-mover activity hitting record highs, with Rightmove’s website recording its busiest ever week.

Between the 4th and 10th of January 157,402,812 pages were viewed, up 26% on the first working week of 2009, and Mr Shipside adds: “With the home-movers setting new search records on Rightmove and a lack of property for sale, the decision of post New Year sellers to ask for a higher price could be a shrewd move.”

Furthermore, preliminary findings from the latest Rightmove Consumer Confidence Survey show that around two thirds of respondents believe that now is a good time to buy.

However, Rightmove cautions: “At present the limited supply of sellers is being outstripped by buyer demand but we predict there will be more forced selling later in the year.”

Discuss this in the Finance Markets forums

Story link: Seller confidence and buyer interest return