If you’re in the market for a new home, you might just have timed it right. According to data from Rightmove’s house price index, this summer saw the highest number of homes for sale in eight years.*
As a result, it comes as no surprise that sales increased by 15% above July last year.* Additionally, because the number of homes for sale has increased at a slightly faster rate than sales agreed, there is a strong supply of available homes for sale.
Why is the market growing?
Stable prices
Despite the increase in the number of homes for sale, property prices have remained relatively stable. This seems to have provided a sense of assurance for both buyers and sellers, creating a balanced market where transactions can occur smoothly. The stability in prices encourages more homeowners to make their move, knowing that they should be able to achieve a fair value for their homes.
Lower mortgage rates
The decrease in mortgage interest rates is another factor no doubt contributing to the high number of homes for sale. With interest rates falling in 2024, many potential buyers are taking advantage of more favourable borrowing conditions to buy a home.
How does this benefit buyers?
Increased options
With the highest number of homes for sale in eight years, buyers now have a wide range of properties to choose from and are potentially more likely to find a home that fits their specific needs and preferences.
Sellers are often buyers
The owners of the properties coming to the market are often looking for their own new home and can become potential buyers of other properties themselves.
How does this benefit sellers?
Increased exposure
More homes for sale means more listings for buyers to browse through. This increased visibility can benefit sellers because it may attract a larger pool of potential buyers to their property.
Faster sales
While an increase in available properties may seem like bad news for sellers, with more options available, motivated buyers could be more likely to make a decision and move forward with a purchase.
Competitive pricing
By pricing properties competitively, sellers can set a reasonable asking price to help attract more interest.
How a good agent can help you
As a buyer, a good agent, such as Durden and Hunt, can help you find your dream home amongst the options available. They will listen to your needs and preferences, then use their expertise to narrow down the search to properties that meet your criteria. An experienced agent can also help you make an offer and close the deal.
As a seller, you can benefit from Durden & Hunt agent’s in-depth knowledge of local market trends as they help you price your property competitively to attract the right buyers. A reputable agent will also handle all the negotiations and initial solicitor introductions, to ensure the process is as seamless as possible.
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
Written by Durden and Hunt Director, James Hunt
