The number of residential properties up for sale has increased according to latest data1, which could further strengthen the position of buyers.
Supply surge?
Ever since the pandemic days of frenetic buying, demand outstripping supply has been a familiar picture in the UK housing market. And with interest rates rising sharply in the past year some potential sellers have put their moving plans on ice.
The survey data shows new instructions rose significantly in May to mark the strongest reading for new listings since March 2021. Alongside that, estate agents reported having an average of 38 homes for sale per branch in May. This is a significant rise from around a year ago when there were typically only 20 properties per branch up for sale.
Get moving
Figures for sales agreed are steady and 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!
1RICS, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.