If you’re considering buying or selling a home, now could be an opportune time. The housing market is bustling with activity, as the number of available properties has reached a ten-year high, according to recent data from Rightmove.
In the past year, interest from prospective buyers has increased by 17%, and homes listed for sale are up 12%, offering the widest selection of choices for buyers since 2014. Additionally, the number of sales being agreed upon has surged by 29% from last year’s figures, marking a robust recovery from the slower market conditions experienced in 2023.
While this increase in choice is beneficial for buyers, it’s also creating a more competitive environment for sellers. With such an abundant selection of properties on the market, buyers can be more selective, putting gentle downward pressure on asking prices. Despite the overall increase in property listings, average asking prices for new listings have only risen by a modest 0.3% to £371,958, below the typical seasonal increase.
For sellers, the advice is clear: price competitively to attract buyer interest, especially as higher mortgage rates continue to challenge many prospective homeowners' budgets. This cautious pricing approach is helping maintain steady transaction levels despite economic pressures. Many estate agents report that sellers who price reasonably are still finding success, even as buyers take a more measured approach.
The most competitive segment of the market appears to be larger homes, where listings of four-bedroom and larger properties have increased by 17% compared to last year. As a result, prospective buyers in this category have more options than they’ve had in a decade, further encouraging sellers to adjust expectations.
As the market remains active, some buyers are moving forward in anticipation of potentially lower mortgage rates later in the year. However, estate agents note that many are continuing with their plans, ensuring that agreed sales are significantly above last year’s quieter market period.
In summary, for both buyers and sellers, the current market offers unique opportunities. Buyers have an advantage, with an extensive selection and stable prices, while sellers who position their property competitively are seeing steady interest. Whether you’re considering a move now or planning to in the future, staying informed on market conditions and mortgage options can help you make the most of this dynamic environment.
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