Stock levels surge as sellers buoyed by better mortgage market
Estate agency comparison site GetAgent says new for sale homes have shot up 128% since the start of the year.
Instructions have surged by 128% recently as many sellers decide ‘now is the time’ to take the plunge following easing mortgage interest rates.
Estate agency comparison site GetAgent analysed the number of properties entering the market over the last two weeks.
The figures show that 97,500 homes were listed for sale across Britain in the last 14 days. That’s a 128% increase when compared to January when some 42,825 homes were listed for sale in a two-week period.
Mortgage rates
This boost to sale stock levels has been seen across every region of Britain, with Scotland enjoying the largest surge, at 273%.
The North West (+185%), Yorkshire and the Humber (+171%), North East (+166%), London (+150%), South West (+135%), West Midlands (+132%) and South East (+106%) have also experienced incoming stock levels increase by more than 100%.
Wales has seen the smallest increase, but there are still 81% more new homes reaching the market than at the start of the year.
Highest volume
In terms of the highest volume of new stock, the South East sits top with almost 17,000 new homes hitting the market for sale.
It’s reassuring to see that many sellers are now pushing ahead with their plans to move.”
Colby Short, co-founder and CEO of GetAgent.co.uk, says: “It’s been a tricky year for the property market and a high level of market uncertainty has seen both buyers and sellers act with hesitation, with many postponing their plans to transact as mortgages interest rates have risen.
“However, it’s reassuring to see that many sellers are now pushing ahead with their plans to move, and this has no doubt been in reaction to the mortgage interest rate freeze seen last month.”
