On the sales side of the market, Home notices a surge in seller optimism, especially compared to last year.
According to this data, more vendors are committing to selling properties than usual, and housing stock levels are similar to those before the pandemic. This follows the recent Halifax House Price Index, which indicated that prices are reaching 2022 levels following a subdued 2023.
Currently, there isn’t an oversupply of properties, which would lower prices.
Additionally, Home reports that properties are selling faster, with time-on-market figures dropping to levels seen before Covid-19. They expect marketing times to reduce further in April and May.
For buyers, there’s good news: there’s more choice and lower prices in many areas compared to the peak in July 2022, especially in London, East Midlands, East, and the South West.
Buyers also feel more confident that any price corrections due to higher interest rates have already happened and that prices are less likely to fall in the near future.
Regionally, the North of England, Scotland, and Wales continue to show healthy time-on-market figures, correlating with positive annual price growth. In contrast, Greater London, East, and Southern regions are improving compared to 2019, indicating potential year-on-year price growth. The Midlands are expected to follow suit later this year.
We also have a collection of helpful buy-to-let area guides designed to help you understand different cities and towns in the UK: