The number of houses for sale has soared, new figures show1, further strengthening the position of buyers.
Ever since the pandemic days of frenetic buying, demand outstripping supply has been a familiar picture in the UK housing market. As interest rates have risen sharply in the past year, moreover, some potential sellers have put their moving plans on ice.
It was surprising, therefore, when estate agents reported having an average of 34 homes for sale per branch in April. This is a significant rise from around a year ago when there were typically 20 properties on sale per branch.
Figures for sales agreed are 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!
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.