Properties selling at double the speed of 2019

The average seller will wait 33 days to sell their property, 18 days fewer than one year prior.

UK properties are selling at twice the rate of the normal market in 2019 according to real estate company Rightmove. In addition, in March a seller could expect to spend an average of 33 days before their house was sold, 18 days fewer compared to exactly one year prior.

This can be attributed to the increased demand for housing but limited supply, which have also driven house prices in an upward trajectory.

“The strong momentum [for housing] has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen,” said Tim Bannister, Director of Property Data at Rightmove.

Furthermore, 53% of properties are selling at or over the final advertised asking price, making it the highest recorded percentage Rightmove has ever seen.

Currently, Rightmove have recorded the average listing price at £360,101, meaning it has increased 5.6% over the last three months. 

“With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year,” said Bannister.

Those in the market as a second time buyer or remortgage seeker will also find average fixed rates have risen since the onset of the pandemic.

Two year rates at a loan-to-value ratio of 75% stood at an average rate of 2.29% for March 2020. In the same month this year, this figure stood at 2.52% but has since increased to 2.72% as of April according to our data.

Moreover, average five year rates at the same loan-to-value ratio saw a similar jump over the same period. In March 2020, the average rate stood at 2.56%, but has since increased to 2.74% as of this year. Over the last month, this has jumped a further 0.17% to 2.91%.

It is still key to remember that these are average rates, and better deals can often be found elsewhere. For a look at the lowest rates, and best deals on the market, consider reading our mortgage roundup every Wednesday or our charts here.

Compared to rates, average mortgage fees across all mortgage products have risen with less velocity. In March 2020, average product fees on your mortgage were £1,009. In the same month this year, this increased to £1,037.

Like with the rate comparison, these are average product fees. Therefore, lower product fees can be found on individual offers if you prefer to pay less upfront for a higher rate.

The lowest product fees on offer can also be found on our tables, use the “sort icon” provided to change the product listing by lowest product fee instead of rate.

While the product choice across the entire mortgage market is down when compared to March 2020, mortgage seekers will be glad to see it is beginning to increase once again.

Last year in March, product availability stood at 3,532. However, since then it has increased by 1,393 products as of today.

According to data from the Office for National Statistics (ONS), which was gathered during 16 and 27 March, 30% of adults surveyed found it difficult to afford housing costs.

While this may seem alarming, only 3% of adults were behind on their rent or mortgage payments.