It’s looking like a bit of a boom for the housing market, with more homes popping up for sale and people eager to buy.
The latest report from Propertymark shows a jump in the number of houses hitting the market. This means more choice for buyers, which is good news for anyone looking for their dream home.
The number of properties available per estate agency branch went up from 35 in March to 40 in April. That’s a big jump! And it’s a trend that’s been going on for a while, with the number of available properties rising steadily since hitting a low of 19 in January.
It’s not just the supply side, though. More people are looking to buy as well. The number of potential buyers registering with estate agents jumped from 76 in March to 88 in April.
But…There’s A Catch
While this all sounds good, there’s a bit of a catch. Even with more houses and more buyers, things are still taking a long time to get done. The average time between accepting an offer and actually signing on the dotted line is still historically high.
Mortgages Still A Worry
Another problem is that mortgages are still a big worry for many people. The number of new mortgages being taken out is down, and more and more people are finding it hard to keep up with their rent or mortgage payments. This means that even if people want to buy a house, they might not be able to get a loan.
Prices Still High
On top of that, while the gap between what sellers want and what buyers are willing to pay is getting smaller, there’s still a big difference. This is making it difficult for sales to go through quickly.
A Ray Of Hope?
So, is there any good news at all? Well, experts are hoping that things might start to get a bit easier in the coming months. The economy is looking a bit better, and inflation is coming down. If this continues, the Bank of England might even lower interest rates, which would make mortgages cheaper and easier to get.
What Should Buyers Do?
If you’re thinking about buying a house, now might be a good time to start looking. But be prepared for a long and bumpy road.
Nathan Emmerson, CEO of Propertymark, said:
“Although the economic environment remains challenging, there is some positivity in the air. We remain hopeful that a much-needed reduction in the base rate will occur in the near term.”
“The residential sales sector has seen an early flurry of activity in April with prospective buyer registrations, new sales instructions, and the number of sales agreed all increasing. However, challenges remain. Although the gap between asking prices and market expectations continues to narrow, further realignment is required to keep the market moving. Furthermore, those seeking to move home before Christmas, need to be cognisant of elongated exchange times and act now”