This spring, the UK real estate market has witnessed a wave of unprecedented activity, as the latest research from Zoopla shows that the number of homes for sale has reached the highest level in five years. This data indicates that potential buyers now have a wider range of choices when searching for their ideal homes.
Compared to the same period last year, the number of homes on the market this spring has increased by an astonishing 20%, meaning that the options available are nearly double those of the past five years. This trend of increased supply is particularly evident across the UK, with significant improvements in housing supply in areas like Cornwall, North Kesteven, Lincolnshire, and regions such as Bournemouth, Christchurch, and Poole. These areas have also experienced notable price rises over the past five years, thus, the increased supply provides more options for buyers and more opportunities for sellers.
propertywire.com
Isabella Lubowiecka, a senior real estate researcher at Zoopla, stated: “The increase in supply this spring offers potential buyers more choices than before, but affordability continues to affect budgets.” She emphasized the balance needed between buyers and sellers, particularly for sellers who need to be aware of current market conditions and ensure their pricing is reasonable to achieve a successful sale.
Geographically, the South West has the highest volume of housing supply, with the number of homes for sale there being 2.5 times that of Spring 2022. This trend is driven by significant capital gains over the past five years, which continue to motivate homeowners to list their properties. For example, in Cornwall, house prices have risen by more than a quarter, while in Bournemouth, Poole, and Christchurch, prices have increased by a fifth, suggesting that sellers might secure considerable profits.
Additionally, areas like Wales and the East Midlands also have a high number of homes for sale. However, it is noteworthy that in these areas, over 60% of the homes on the market are priced above the regional average, possibly indicating some mismatch between buyer and seller price expectations.
Sam Turner, director at Kivells, a Cornwall-based estate agency, commented: “The spring market has certainly sprung for Kivells, as we see activity levels rise across the county with increased demand from both buyers and sellers in all offices.” He also highlighted the significance of the increased supply for both sellers and buyers, noting that the influx of new listings not only provides more choices for buyers but also aids sellers in smoother property transactions.
