The UK housing market is showing signs of resilience, with buyers and sellers continuing to make moves despite the upcoming election. According to new data from TwentyEA, the number of homes going under offer has actually gone up this year, compared to last year and even 2019, the last “normal” year before the pandemic.

More Homes, More Buyers, More Deals!

Between May 23rd and June 5th, there were 51,025 homes going under offer – that’s 9% more than the same period last year. And the number of new homes coming onto the market is also up by 3.4% compared to 2023.

It’s not just a short-term spike, either. In the first five months of 2024, the market has been busy:

• New Homes: 763,651 new homes came onto the market – the highest figure in six years!
• Demand: The number of homes going under offer (known as SSTCs) reached 529,172, which is 17% up on 2023 and 5.5% up on 2019.

Looking at specific regions, London is leading the charge, with the biggest increases in both new homes and sales since 2019.

A Balanced Market

Katy Billany, from TwentyEA, says the current market is healthy and balanced, with a good number of homes for sale matching the number of buyers looking to make a move. She believes the market is comparable to 2019, before the pandemic caused chaos.

Mortgages and Affordability

While things are looking good overall, Billany points out that the rise in mortgage rates is causing some buyers to have second thoughts. She says the number of deals falling through is up by 11.5% since 2023, which is likely because some people can no longer afford to buy with the higher interest rates. She expects the market to become even more stable as mortgage rates come down.

What’s Next for the Housing Market?

The upcoming election could have some impact on the market, but for now, buyers and sellers are showing no signs of slowing down. With a healthy balance of homes for sale and eager buyers, the market looks set for a steady and potentially even exciting summer.