Detached house sales boosting property market according to data from Rightmove

by Aaron Strutt

Mar 31 2024

The number of agreed sales for detached houses is currently 17% higher than at this time last year, while smaller flats lag behind at +6%. This is according to data from Rightmove.

New data reveals that Chard, a town in Somerset, is the new sales hotspot, with the number of sales agreed more than doubling (+123%) compared to this time last year. Second on the list of new sales hotspots is Hilton, in Derby, with an 112% increase in agreed sales compared to last year, and Padgate in Warrington is third (+112%).

Rightmove’s figures state that across Great Britain, the number of sales being agreed is currently 13% higher than at this time last year. The report says, “This growth is primarily being driven by sales of detached houses, which have seen the biggest resurgence compared to last year.

“The number of agreed sales for detached houses is currently 17% higher than at this time last year, while smaller flats lag behind at +6%.”

Source: Rightmove figures March 20, 2024

Rightmove’s property expert Tim Bannister said: “For a long period during the pandemic and into last year, there was very little availability of larger homes. With not much choice of property to move to, this deterred some larger-home sellers from coming to market. Last year, movers had to adjust from historic low mortgage rates to much higher levels.

“Whilst some larger-home sellers may have built up more equity over time, others looking to take out a larger mortgage on a more expensive home would have been particularly impacted. Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market. The increased choice is being met with more demand, resulting in higher numbers of sales.”

Mortgages for detached properties

Banks and building societies tend to prefer issuing mortgages on houses when borrowers have smaller deposits, although the market is easing and lenders are providing lower deposit mortgages for flats. Santander was the last big bank to make changes to its acceptance criteria. 

Over the last few weeks, mortgage rates have become more expensive, although they are still reasonably priced. Two-year fixes are priced around 4.5% and five-year fixes start from 4.25%.  

Source: Rightmove press release

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The information contained within was correct at the time of publication but is subject to change.

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