While many factors have negatively impacted the UK housing market in recent years, the lack of supply compared to demand has been critical. There are more buyers than people looking to buy property, and this has played a key role in pushing prices up.
Therefore, anything which suggests the supply of homes is rising is positive news, and something that raises optimism about what happens next in the UK property market. We’re not saying homeowners should get carried away, but many homeowners are placing their property on the market, and it could be the right decision for you.
The latest research by eXp UK has revealed a significant 9.2% increase in for-sale stock levels across the property market in England during the first quarter of 2024. This surge in available homes demonstrates that sellers are seizing the opportunity to capitalise on improving market conditions.
But that's not all – the data also shows that the current stock levels are a remarkable 15.6% higher than this time last year. This upward trend is a clear indication that more homeowners are looking to move on.
After a period of subdued market activity caused by higher mortgage rates, the surge in for-sale stock signals a resurgence of confidence among sellers.
Adam Day is the head of eXp UK and he has spoken about this topic, saying: “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.”
Adam Day continued by saying: “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.”
If you think the timing is right for you to sell your home, we are on hand to assist you. Coakley & Theaker has an excellent track record in selling Bury St Edmunds homes, and we know what buyers are looking for. If you’d like to discuss your options, or arrange for a property valuation, we are more than happy to assist you.
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
Email: [email protected] or [email protected]
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