The number of sellers entering the market has increased by nearly a quarter (23%) in the fortnight following the Bank of England’s (BoE) 0.25% interest-rate cut.

New figures show that of the 496,291 UK homes currently listed for sale, 92,505 have been listed in the past 14 days.

London and Manchester saw the most new homes entering the market, with new sale stock totals sitting at 7,171 and 1,024 respectively, according to data from GetAgent.

However, Glasgow notched up the biggest increase compared with existing stock on the market, with 849 homes put up for sale over the two-week period following the rate cut – a 63% increase.

Bristol also ranked highly, with available stock increasing by a third (33%) in just two weeks, while Edinburgh (+32%), Sheffield (+30%) and Bradford (+30%) also saw substantial increases.

‘Momentum has been building’

All 15 major cities surveyed had a sizable increase in the number of sellers entering the market and, despite seeing the largest volumes, London and Manchester had the smallest increases when taking existing stock into account, at 18% and 21% respectively.

“It’s clear that momentum has been building, initially following the election result, but most notably in the weeks that have followed the decision to cut interest rates for the first time in four years,” said Colby Short, co-founder and CEO of GetAgent.co.uk.

“Although likely interest rate reductions were already factored into mortgage rates, the base rate being reduced has had a huge effect on borrower sentiment. It feels to them as though we’re now through the worst of it.”

He said agents would have noted an uplift in buyer inquiries. But he added: “The very best of the bunch will have acted in anticipation to ensure that those looking to sell already had their house in order, and were ready to hit the market promptly to take advantage of increasing demand.

“With significant  pent-up demand now being unleashed, this year could certainly be an exception to historic trends.”