Home buyers are enjoying the highest level of spring-time choice of homes in five years, Zoopla has reported as of April 2024.
The portal claims that there are 20% more homes on the market compared to a year ago, and prices have also increased notably over the last five years.
Supply is highest in the Southwest, where agents have 2.5 times as many homes for sale compared to spring 2022. Zoopla believes that it’s thanks to large capital gains over the last five years that are continuing to motivate homeowners to sell in these areas.
In Cornwall alone, prices have risen by over a quarter (27%), whilst prices in Bournemouth, Poole and Christchurch have risen by a fifth (20%) meaning current sellers in these areas stand to make a potential buck. However in Cornwall it is taking on average 20 days longer to sell a property compared to spring 2022, and 23 days longer in Bournemouth, Christchurch and Poole - versus a national average of 16 days.
Wales and the East Midlands are also enjoying high levels of homes for sale. However, in these locations over 60% of stock currently on the market is priced above the regional average indicating a potential mismatch between what buyers can pay and what’s available to buy.
Unlike during the pandemic which saw a spike in sales in the likes of Monmouthshire as buyers sought a potential lifestyle change, areas next to Cardiff such as Caerphilly and the Vale of Glamorgan are experiencing large jumps in available properties. In East Midlands, the jump in supply is most pronounced in more rural areas such as southern Lincolnshire and Derbyshire, including the Peak District which are also priced above the regional average.
Zoopla says this indicates that the stock of homes for sale in the higher-value markets is moving slower as affordability remains a bigger challenge for potential buyers in areas where larger budgets are required.
Zoopla commented: “The current spring boost in supply on the market is giving potential buyers more choice than ever, but affordability continues to impact budgets. Sellers putting their homes on the market need to keep that in mind and ensure they are pricing their property realistically in order to achieve a sale.”
With more houses on the market, there could however be potential for more withdrawn instructions, in which we specialise – confirming if a seller has withdrawn a property from an agency, and subsequently gone on to sell privately to a buyer introduced by them. We save hundreds of UK agencies, thousands in missed sales fees every year. Interested to know more? - speak to one of the team today.
Source: estateagenttoday.co.uk
