69% of buyers need to sell in order to buy

The vast majority of Rightmove’s audience is open to moving

According to our 2022 Spring Survey, 83% of Rightmove’s audience is open to moving. 51% say they want or need to move soon.

How buyers are searching for a new home

75% of buyers who intend to move within the next 12 months stated that they were considering more than one area in their search for a new home. 54% said they were considering three or more areas in their search.

Offers above asking price

With demand so high over the last 12 months (buyer demand is still 113% higher then the pre-pandemic five-year average), offers above asking price are becoming more commonplace.

45% of those looking to move in the next 12 months, who have also made an offer on a property, reported having offered above asking price for a property. This number rises to 54% when looking solely at first time buyers who are looking to move in the next 12 months.

Where are the “power buyers”?

In spite of the high competition that has defined the property market in recent months, a large portion of active buyers have not put themselves in position to be a “power buyer” (a buyer who is purchasing in cash, has already agreed a mortgage and/or does not have to sell a property before they can proceed).

According to our Spring Survey, 69% of buyers looking to complete a purchase within the next 12 months still need to sell their property.

In fact, within this audience of imminent buyers who need to sell, 52% of those sending enquiries for properties are not even on the market.

With demand for most properties so high, these buyers risk disappointment if they do find their dream property without having their own under offer.

Sources: Rightmove Spring Survey, 2022 & Rightmove House Price Index, June 2022.