Latest news with #ColleenBabcock
The Independent
6 days ago
- Business
- The Independent
‘Busiest May for house sales agreed since 2021' as hotspots revealed
May this year was the busiest month for house sales being agreed since March 2022, according to Rightmove. The website said May is traditionally a brisk month for sales and last month's transactions reflect improved market conditions as home movers press ahead, following a stamp duty hike at the start of April. Last month was also the busiest month of May for agreed property sales since 2021. Rightmove said the average five-year fixed mortgage rate is 4.61%, compared with 6.11% in July 2023. The website also said that Heywood in Greater Manchester, Pudsey in West Yorkshire, and Wilmslow in Cheshire all saw particularly big jumps in house sales in May, compared with a year earlier. Colleen Babcock, a property expert at Rightmove, said: 'With mortgage rates higher than the lows we saw post-financial crisis, and affordability stretched, many buyers are continuing to look for value, which is likely reflected in the lower than average prices of some of the current hotspots. 'With the overall number of sellers continuing to run at a decade-high, sellers need to also be mindful of the competition they might face from other sellers trying to secure a buyer in their area. 'Working with a local agent to price realistically and competitively for that market, rather than pricing too high, is one way to increase the likelihood of a successful sale.'
Daily Mail
6 days ago
- Business
- Daily Mail
Britain's booming housing markets: Rightmove reveals 10 areas where sales have skyrocketed
Some parts of Britain saw property sales almost double in the last year, new data has revealed. May 2025 saw the largest number of agreed property sales out of any month since March 2022, according to Rightmove - and property portal Rightmove has named the towns which have seen the biggest spike. May is typically a busy point in the year for agreed sales, which is when an offer has been made and accepted. However, this year's figure reflects an improvement in housing market conditions, according to Rightmove. Across the UK, the number of sales agreed is now 6 per cent ahead of the same period last year. However, this trend is more prominent in some areas than others. In Wales, the number of sales being agreed is 15 per cent higher than at this time last year, whereas in London the figure is just 1 per cent higher. Heywood is property hotspot May's sales hotspot is Heywood in Manchester, with 88 per cent more buyers agreeing a deal to purchase than this time last year. Next is Pudsey in West Yorkshire, where there has been 85 per cent more property sales agreed year-on-year. Wilmslow in Cheshire has also seen a surge in activity with a two thirds increase in sales compared to May last year. These areas are doing well as buyers are looking for both affordability and value, according to Colleen Babcock, a property expert at Rightmove. She says that while mortgage rates have come down significantly from the peak, they are only slightly down from this time last year. Nine out of the top ten sales hotspots in May have an average price tag below the current national average. 'This month's hotspots reflect broader market trends driven by affordability and attractive property prices,' said Babcock. 'With mortgage rates higher than the lows we saw post financial crisis, and affordability stretched, many buyers are continuing to look for value, which is likely reflected in the lower than average prices of some of the current hotspots. 'With the overall number of sellers continuing to run at a decade-high, sellers need to also be mindful of the competition they might face from other sellers trying to secure a buyer in their area. 'Working with a local agent to price realistically and competitively for that market, rather than pricing too high, is one way to increase the likelihood of a successful sale.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and LC
Times
19-05-2025
- Business
- Times
House prices rise in May for fifth year in a row
Asking prices for British homes hit another record this month as a glut of new properties landed on the market. New selling prices rose by £2,335 in May, a climb of 0.6 per cent on the month, to a record average of £379,517, according to data from Rightmove. It is the fifth consecutive year that selling prices have risen in May, though the rise was the lowest since May 2016, in the run-up to the Brexit vote. Rightmove said this was probably due to a 14 per cent surge in new properties coming to the market, marking a ten-year high. • Stick or twist — should you sit tight or buy a home now? Colleen Babcock, property expert at Rightmove, said: 'Sellers need to be
Yahoo
19-05-2025
- Business
- Yahoo
Average UK house price climbs by £2,335 in May
The average price of a UK property coming to market has climbed to £379,517 in May, but the seasonal uplift is more subdued than usual, suggesting a market adjusting to increased supply and cautious buyer sentiment. The average asking price for properties going on sale this month has increased by 0.6% or £2,335, according to Rightmove (RMV.L). While this represents a new high, it is the weakest May increase since 2016. 'It's another new price record this month, but having seen a May price record for the last five years, it appears to be driven more by seasonal factors given that new buyer demand has slowed,' said Colleen Babcock, a property expert at Rightmove. 'The ten-year high choice of homes for sale means that sellers need to be aware of the level of competition they're facing for the attention of buyers.' Rightmove's figures show that while demand in March surged as buyers sought to complete transactions ahead of April's stamp duty changes in England, activity slowed the following month. Buyer interest fell 4% in April compared to the same period in 2024 — the first year-on-year decline recorded in 2025. Despite this, demand for the year to date remains 3% higher than in 2024, and the portal's real-time data indicates an early rebound in May. Agreed sales in April were 5% ahead of the previous year, suggesting that committed buyers are still moving decisively. Read more: Stocks to watch next week: Palo Alto Networks, Analog Devices, Marks & Spencer, Greggs and easyJet 'In the current market, buyers may well have several similar homes to choose from in their area, and a home which appears overpriced compared to the competition may not get a second look,' said Babcock. 'This month's price increase being the lowest in May for nine years is a sign of a market that favours buyers and is more subdued than usual.' Affordability may be improving. Average earnings have risen more than 5% in the past year, outpacing house price growth of just 1.2%. Simultaneously, mortgage rates are easing. Rightmove's weekly mortgage tracker reports the lowest available two-year fixed rate now stands at 3.72%, down from 4.75% a year ago. A second Bank of England interest rate cut announced earlier this month, should bring lending rates down further. 'Mortgage interest rates are lower than they were at this time last year, and the recent Bank Rate cut also gives us some optimism for further mortgage rate drops that will enable more to buy,' said Babcock. 'While we're not expecting drastic reductions, any lowering of rates will be a boost to buyer sentiment and affordability.' But while lower mortgage costs are helping underpin demand, the supply side of the market has surged. The number of properties coming to market is up 14% year-on-year, leading to a decade-high level of available stock. This has created a more competitive environment for sellers, with pricing strategy proving critical. Rightmove's data indicates that homes requiring a price reduction take, on average, more than two months longer to sell. The portal also reported a 32% increase in the number of sellers switching estate agents, often after failing to secure a buyer at an initially optimistic valuation. Read more: 9 apartments with impressive outside space 'With a high number of sellers and a small dip in buyer demand, it's worth reminding people out there thinking of coming to market that they need to work hard to attract buyer attention,' Babcock added. 'Working with your estate agent to understand your local market and coming to market with a tempting price will give you the best chance of standing out.' Polly Ogden Duffy, managing director at estate agency John D Wood & Co, echoed the need for realism. 'Nationally there is an increase in property supply unmatched by an increase in the number of buyers,' she said. 'In London, some discretionary sellers and buyers are pausing as the impact of political and economic headwinds takes time to settle. Pricing strategy is critical right now. 'With an increased supply of homes for sale buyers can be more selective, and overpricing — unless your property is truly exceptional — is a fast track to stagnation. "That said, there is a compelling opportunity to buy and either upsize or get onto the property ladder. The breadth of choice, softer competition, an interest rate drop, and Easter firmly behind us, may offer a clearer runway to secure a home this summer.'
Yahoo
19-05-2025
- Business
- Yahoo
Average UK house price climbs by £2,335 in May
The average price of a UK property coming to market has climbed to £379,517 in May, but the seasonal uplift is more subdued than usual, suggesting a market adjusting to increased supply and cautious buyer sentiment. The average asking price for properties going on sale this month has increased by 0.6% or £2,335, according to Rightmove (RMV.L). While this represents a new high, it is the weakest May increase since 2016. 'It's another new price record this month, but having seen a May price record for the last five years, it appears to be driven more by seasonal factors given that new buyer demand has slowed,' said Colleen Babcock, a property expert at Rightmove. 'The ten-year high choice of homes for sale means that sellers need to be aware of the level of competition they're facing for the attention of buyers.' Rightmove's figures show that while demand in March surged as buyers sought to complete transactions ahead of April's stamp duty changes in England, activity slowed the following month. Buyer interest fell 4% in April compared to the same period in 2024 — the first year-on-year decline recorded in 2025. Despite this, demand for the year to date remains 3% higher than in 2024, and the portal's real-time data indicates an early rebound in May. Agreed sales in April were 5% ahead of the previous year, suggesting that committed buyers are still moving decisively. Read more: Stocks to watch next week: Palo Alto Networks, Analog Devices, Marks & Spencer, Greggs and easyJet 'In the current market, buyers may well have several similar homes to choose from in their area, and a home which appears overpriced compared to the competition may not get a second look,' said Babcock. 'This month's price increase being the lowest in May for nine years is a sign of a market that favours buyers and is more subdued than usual.' Affordability may be improving. Average earnings have risen more than 5% in the past year, outpacing house price growth of just 1.2%. Simultaneously, mortgage rates are easing. Rightmove's weekly mortgage tracker reports the lowest available two-year fixed rate now stands at 3.72%, down from 4.75% a year ago. A second Bank of England interest rate cut announced earlier this month, should bring lending rates down further. 'Mortgage interest rates are lower than they were at this time last year, and the recent Bank Rate cut also gives us some optimism for further mortgage rate drops that will enable more to buy,' said Babcock. 'While we're not expecting drastic reductions, any lowering of rates will be a boost to buyer sentiment and affordability.' But while lower mortgage costs are helping underpin demand, the supply side of the market has surged. The number of properties coming to market is up 14% year-on-year, leading to a decade-high level of available stock. This has created a more competitive environment for sellers, with pricing strategy proving critical. Rightmove's data indicates that homes requiring a price reduction take, on average, more than two months longer to sell. The portal also reported a 32% increase in the number of sellers switching estate agents, often after failing to secure a buyer at an initially optimistic valuation. Read more: 9 apartments with impressive outside space 'With a high number of sellers and a small dip in buyer demand, it's worth reminding people out there thinking of coming to market that they need to work hard to attract buyer attention,' Babcock added. 'Working with your estate agent to understand your local market and coming to market with a tempting price will give you the best chance of standing out.' Polly Ogden Duffy, managing director at estate agency John D Wood & Co, echoed the need for realism. 'Nationally there is an increase in property supply unmatched by an increase in the number of buyers,' she said. 'In London, some discretionary sellers and buyers are pausing as the impact of political and economic headwinds takes time to settle. Pricing strategy is critical right now. 'With an increased supply of homes for sale buyers can be more selective, and overpricing — unless your property is truly exceptional — is a fast track to stagnation. "That said, there is a compelling opportunity to buy and either upsize or get onto the property ladder. The breadth of choice, softer competition, an interest rate drop, and Easter firmly behind us, may offer a clearer runway to secure a home this summer.'
