UK (the platform for personal estate agents & estate agency businesses) shows that sale stock levels have increased to 9.2% across the English property market during the first quarter of this year. Meanwhile, stock already available is 15.6% higher than this time last year, proof that the nation’s sellers are staging a relatively significant comeback, keen to make the most of improving market conditions.
Previous data has shown the sales market has been steadily improving over the last six months as an ongoing decline in mortgage rates has combined with falling inflation to encourage buyers to move ahead. As buyer demand ticks upwards, agents have confirmed the eXp UK findings, saying that more homes are coming onto the market, something that reflects the rising numbers of mortgage approvals in 2024. Transaction numbers also seem set to be higher this year than last.
Whilst undeniably positive, these changes in the market do not mean a return to a seller’s market, with agents noting that deals are only being completed quickly when pricing is at its most competitive. That said, the improvement in market health has been widespread.
Head of eXp UK, Adam Day, said, ‘Agents across the nation will have been hard at work, building a strong pipeline of for sale stock ahead of the seasonal spring surge in market activity. However, it’s fair to say that this uplift in the number of homes listed for sale also demonstrates the improving health of the property market when compared to the more subdued landscape of last year.
With buyer appetites dented by higher mortgage rates, many sellers had chosen to sit tight with respect to their sale, particularly in the face of cooling house prices. But now that we’ve seen a consistent increase in both mortgage approval levels and house prices during the start of this year, they are rapidly returning to capitalise on these returning market conditions.’
As for the rental market, although it remains a long way from record highs, the gap between supply and demand continues to narrow. However, less competitively priced properties are staying on the market for longer due to less tenant demand. As a result, some landlords are still reviewing their portfolios as they consider leaving the sector completely.
Despite this, a broad range of London boroughs like Marylbone, Greenwich and Hammersmith and Fulham remain extremely popular for both buyers and renters alike, especially as a sense of optimism returns and 2024 progresses.
Sources: Rightmove, Zoopla, City AM
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