The number of residential properties up for sale has increased according to the latest data [1] in the UK housing market. And with interest rates rising sharply in the past year, some potential sellers have put their moving plans on ice, which could further strengthen the position of buyers.
Supply surge?
Ever since the pandemic days of frenetic buying, demand outstripping supply has been a familiar picture in the housing market. The survey data shows new instructions rose significantly in May to mark the strongest reading for new listings since March 2021. Alongside that, estate agents reported having an average of 38 homes for sale per branch in May. This is a significant rise from around a year ago when there were typically only 20 properties per branch up for sale.
Get moving
Figures for sales agreed are steady and now almost back in line with pre-pandemic averages, estate agents noted. Although challenges remain, this is a strong sign that activity seems to be recovering. With more choices available, if you’ve been thinking about moving, this could be a great time to find your dream property!
[1] RICS, 2023
🚨 Data accurate as of the date of publication – 15.08.2023
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q3 2023
