Since the start of the year, sellers have returned to the market with full force with an 89% jump in the number of homes listed for sale, according to research from Barrows and Forrester.
According to the estate and lettings agent, this surge shows a reversal of the negative impact of last September’s mini-budget. The most recent analysis showed more than 87,000 homes have been listed for sale across Britain in the last 14 days. This represents an 89% increase on the 46,092 homes that entered the market in January.
There are now more homes on the market than in November last year. This promising picture is mirrored across the regions, with every area experiencing a substantial increase. Even the East of England, the area with the smallest increase, has seen a boost of 64%.
The new figures are higher than November’s totals in every region but London, with Barrows and Forrester saying this suggests last year’s post-Budget downturn is now behind us.
James Forrester, managing director of Barrows and Forrester says: “Following the shambles that was last September’s mini-Budget, many sellers put their plans on hold as uncertainty enveloped the property sector. This led to the level of stock reaching the market across Britain falling by almost half and only added fuel to the fire of a potential downturn.
“However, we’re yet to see this downturn materialise where any notable decline in house prices is concerned and with stability returning to the market, it’s clear that it’s business as usual in 2023. Sellers are acting with a renewed level of confidence and pushing ahead with their sale, resulting in a considerable increase in available stock across the board.”
This could be great news for first time buyers who are looking to get themselves on the property ladder, who have, in recent years, struggled with affordability and availability up and down the country.
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PLEASE NOTE: Article written 17th April 2023. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. *
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Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.
Article written: April 2023 170423 MZ000270
