Top 10 Most Searched For Locations 2023 On Rightmove:

Quoting insights from Rightmove, the most sought-after location for home hunters remains London, with searches for properties in the capital witnessing a 1% increase from 2022 to 2023. In contrast, Cornwall secured the second spot but experienced an 18% decrease in buyer interest during the same period.

According to Tim Bannister, Rightmove's property expert, traditional favourites continued to attract buyers, and affordable areas gained prominence in 2023 due to stretched affordability. The evolving trends in the property market towards the end of 2022 and throughout 2023, marked by historically high mortgage rates, might be steering home-buyers toward more budget-friendly cities. Notably, mortgage rates have gradually decreased since July 2023.

Examining the fastest housing markets of 2023, Rightmove identifies Scotland as a standout, where the average time to secure a buyer is 66 days in Great Britain, compared to a significantly shorter 37 days in Scotland. Rosyth in Dunfermline, Fife, claimed the title of the quickest market in 2023, with homes finding a buyer in just 17 days. Beyond Scotland, Redfield in Bristol emerged as the fastest market, with homes averaging 25 days to secure a buyer.

Despite lower-than-expected drops in asking prices and sustained demand for appropriately priced homes in 2023, Rightmove emphasizes the importance of competitive pricing for those considering selling their homes in 2024. A competitive price strategy enhances the chances of finding a buyer swiftly in the current market dynamics.

Written by Veera Josey, 26th January 2024

Source: Rightmove