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Buying frenzy drives 67% sales success rate for agents, says Rightmove

Portals says its data shows number of homes achieving a sale after first listing has jumped over the past 12 months.

Nigel Lewis

agency sold board buying frenzy rightmove

Frenzied buyer activity means sellers are more likely to strike a deal now than at any time in the last decade, says Rightmove.

New data reveals that nearly seven in ten homes for sale (68%) across Great Britain found a buyer between June 2020 and June 2021, a jump from 41% in 2012.

Between 2012 and early 2020, an average of 53% of homes found a buyer, with the other 47% either being withdrawn from sale or staying on the market.

Scotland now has the highest sales rate at 89%, while London has the lowest with just under half (48%) of homes being sold. The next best performing area is Yorkshire & the Humber, with 77% of homes selling.

The top ten regions with the best chance of sale success are all in Scotland, with the top three being Falkirk (94%), East Dunbartonshire (94%) and South Lanarkshire (93%). Outside of Scotland the hot spot authorities are Sheffield (83%), Craven (81%) and Chorley (81%), while Westminster (22%), Kensington & Chelsea (25%), and Camden (28%) languish at the bottom of the table.

The analysis of more than 13 million listings by Rightmove tracked the journey of a property going up for sale to being marked sold subject to contract. Sales that fell through and went on to secure a buyer again were only counted once.

Link to 2021 Predictions featureTim Bannister (pictured), Rightmove’s director of property data, says the frenzied buyer activity is driven by multiple factors such as pent-up demand and changing priorities.

“This efficiency in the market means agents are operating on limited stock and they need more homes to satisfy all types of buyers,” he adds.

“We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope and the popularity of every area in Great Britain is increasing.”

July 30, 2021

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