The property portal said the number of high-end homes coming onto the market for sale, which includes four-bedroom detached houses and all five-bedroom or larger homes, is now 15% higher than the same period in 2023.
Before last week, the trend of more homes for sale was being driven by the smaller homes sector (two bedrooms or fewer), but that has switched in the last week to larger homes.
Rightmove said that the rise in large homes for sale is most prominent in the East of England (which has seen a rise of 21% year-on-year) and the South West (up 20%).
Motivated to sell
The property website suggested a few reasons for the new trend, including falling mortgage rates for those with high deposits, who are most active in this sector of the market.
It also cited increasing speculation about a capital gains tax (CGT) rise, which is encouraging some to ‘cash out’ now. More choice of homes on the market also encourages other sellers to act, further boosting supply.
Tim Bannister, Rightmove’s property expert, said: “Since the bank rate cut, the trend we were seeing is more smaller and mass-market homes coming to market for sale, but in just the last week we’ve seen a flurry of activity at the top end again.
“Some of the lowest mortgage rates since before the mini Budget are now available for those with a large deposit, and a mooted increase in capital gains tax is also likely to be contributing to decision-making right now.”
