There is some relief for beleaguered buyers due to the increasing number of homes on the market, with even more sellers poised to list in the near future, due to an ongoing shortage of inventory across U.K. housing markets.
According to a report released Wednesday by U.K. property website Rightmove, the number of new properties hitting the market was 14% higher than in the last two weeks of June than in the same period in 2021.
Rightmove reported the number of prospective sellers contacting agents for home valuations is at its highest level since January, and the data may point towards a longer term trend of increasing inventory.
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Rightmove director of property science Tim Bannister wrote in the report that in recent months we have reported a softer easing of the market and the pace of price growth compared to the exceptional levels of last year. This will be welcomed news for buyers wanting more choice, and the high number of valuation requests we have recorded is a positive sign of more potential choice to come. For the week beginning June 20, the number of home valuation requests was up 24% year-over-year, with June 22 marking the fourth-highest day for home valuation requests.
The market is tight, with homes typically taking only 32 days to find a buyer, according to Rightmove.
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The market is very active, and it is important for those planning a move to get their property on the market if they have a home to sell, because there is still more demand than supply, and the market is very active, so it is important that they give themselves the best chance of success, according to Bannister. The report comes amid growing signs that the U.K. market has started to come back to normal from its previous two years of epidemic-driven highs.