According to Greycoat real estate agency, the number of homes for sale on Zoopla has grown by £45 billion, or 20%, since last year. There are now £230 billion worth of homes for sale. There are 31 houses for sale on average, up from 26 last year. More three- and four-bedroom homes are on the market because people are feeling more comfortable moving.
This extra supply gives buyers more options, potentially slowing the rise in home prices in 2024. Sales deals have gone up 13% year-over-year, even though the number of new listings is growing faster than property sales in most areas. Since tax and planning changes affect vacation rentals and second houses, Greycoat informs, there are one-third more homes for sale in the South West than there were last year.
This trend, according to Greycoat Real Estate, indicates that homeowners are feeling more confident again. When the market is more balanced and there are more homes for sale, buyers have more choices, and prices may go down. The agency tells its clients that if they want their homes to sell quickly in a competitive market, they should price them right.
The difference between the rise in home prices in the north and south also shows how regional factors play a role, Greycoat comments. Prices are dropping slightly in southern England, particularly along the coast. However, cities in the north and other areas where prices are cheaper are growing.
Rising mortgage rates and affordability issues cause a difference in demand between regions. Greycoat Real Estate needs to understand how the market works on a granular level. The company continues to customize its services to assist customers in adapting to these changes. Greycoat’s market knowledge and strategies will help clients buy or sell in this constantly changing market.