Record number of home valuation requests in January

• A record number of future sellers contacted an estate agent to get their home valued in January
• The number of people requesting a home valuation by an estate agent was 23% higher in January than the previous record of January 2023, and 27% higher than third place July 2020
• It’s been a tentatively promising start to the year. After the first month of 2024, the number of new properties coming onto the market for sale is 13% higher than last year, while buyer demand over the same period is 7% higher
• Homeowners and future first-time buyers can get an instant online estimate of what a home may be worth on Rightmove, to help them to decide the right time to move

New data from the UK’s biggest property website Rightmove reveals that a record number of future sellers sent a request to an estate agent to come and value their home in January.

The number of people sending a request to an estate agent to value their home was 23% higher in January 2024 than the previous record of January 2023.

January’s figure was also 27% higher than the third highest month on record for valuation requests in July 2020, when the housing market had reopened during the pandemic.

One of the factors contributing to confidence amongst many sellers and buyers to get their 2024 moving is the more stable mortgage market, which has remained calm at the beginning of the year.

Average mortgage rates have continued to slowly trend downwards, and the average five-year mortgage rate is now 4.64%, compared to the peak of 6.11% in July 2023.

After the first month of the year, the number of new properties coming to the market for sale is 13% higher than last year, while the number of future buyers sending enquiries to estate agents is 7% higher.

Those who are considering a move in 2024 but have not yet taken action can use Rightmove’s tools and resources to help them to decide the right time to move.

Homeowners and future first-time buyers can use Rightmove’s instant valuation tool to get an online estimate of what a home may be worth, and an early indication of what their budget may be. Homeowners can then get a full expert valuation of their home by an estate agent when the time comes to sell.

Rightmove’s property expert Tim Bannister said: “The early data suggests estate agents have had a busy start to 2024, with more market activity than at the start of last year. This activity we’re seeing is likely to be a combination of those movers who have recently decided to make 2024 their year for a new home, and some pent-up demand from those who took a step back last year to consider their options while the outlook for mortgage rates was more unclear. It’s early days but the first month of data is encouraging.”

ENDS

About Rightmove

• Rightmove is the UK’s largest property portal, advertising around 90% of all homes for sale via estate agents across the UK, representing circa 95% of the market
• Rightmove is the place that home-movers turn to first and engage with the most, with an 86% share of time on property portals
• Rightmove’s mission is to help make the move easier and simpler, by giving everyone access to the best tools, expertise and trust to make it happen
• People can search Rightmove for residential resale, new homes, rentals, commercial property and overseas properties, and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools
• Customers include the following key groups: estate agents, lettings agents, new homes developers, commercial property operators and overseas property agents
• Rightmove produces a weekly mortgage rates tracker, a monthly House Price Index, and a quarterly rental report. It also publishes an annual Greener Homes Report
• The first Rightmove House Price Index was published in 2002 and is the largest monthly sample of residential property asking prices and housing market activity in the UK
• Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and is a member of the FTSE 100 index