January sees record number of home valuation requests: Rightmove

New data from Rightmove reveals that a record number of future sellers sent a request to an estate agent to value their home in January.

The number of people sending a request was 23% higher in January than the previous record of January 2023, and 27% higher than the third highest month on record for valuation requests in July 2020, when the housing market had reopened during the pandemic.

Rightmove says one of the factors contributing to confidence amongst many sellers and buyers is the more stable mortgage market.

Average mortgage rates have continued to slowly trend downwards, with the average five-year mortgage rate now at 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.

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.”