Negative impact of September's mini budget has been reversed
Home sellers have been returning to the market in force, with the number of homes being listed for sale climbing by 89% since the start of 2023, research from estate and lettings agent Barrows and Forrester has revealed.
The company said it has analysed the level of ‘for sale’ stock listed across the market in Britain within the last 14 days, and how this influx of market activity compares to the start of the year.
The latest data analysis showed that over 87,000 homes were listed for sale across Britain in the past couple of weeks, up from the 46,092 that entered the market at the start of the year.
This current influx of available stock is also higher when compared to November of last year, suggesting that the negative impact of September’s mini budget has already been reversed.
Previous research by Barrows and Forrester found that the number of homes entering the market almost halved, following the chaotic mini budget delivered last September, with new stock levels falling by 46% when comparing November to January of this year.
However, with stability returning to the market and house price holding firm, there has been a significant increase in the number of homes reaching the market in recent weeks, according to the estate agency.
It added that all regions had seen a substantial increase in the number of new homes reaching the market versus January of this year, and every region but London had also moved above last November’s benchmark.
Scotland had seen the biggest uplift in home seller market activity, with a 228% increase in for sale stock over the last two weeks, versus the start of the year.
In the North West, there were 156% more homes entering the market when compared to January, with the North East (+154%), Yorkshire and the Humber (+148%), and London (+121%) also ranking within the top five biggest increases so far in 2023.
The East of England had seen the smallest uplift in homes reaching the market, but even still, the region has seen a boost of 64% when compared to the start of the year.
“Following the shambles that was last September’s mini budget, many sellers put their plans on hold as uncertainty enveloped the property sector,” commented James Forrester (pictured), managing director at Barrows and Forrester. “This led to the level of stock reaching the market across Britain falling by almost half and only added fuel to the fire of a potential downturn.
“However, we’re yet to see this downturn materialise where any notable decline in house prices is concerned and with stability returning to the market, it’s clear that it’s business as usual in 2023. Sellers are acting with a renewed level of confidence and pushing ahead with their sale, resulting in a considerable increase in available stock across the board.”
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