Demand from buyers seems to be improving in the housing market, while house sellers are coming back to the market in significant numbers. The last year has seen a 25% increase in the number of new homes being put up on the market, according to the National Association of Estate Agents (NAEA).
Since the market is still considered sluggish, it is a welcome sight to see many new entries into the selling side of the market. This is taking place even though the recently added sellers realise that lowering their expectations of a high selling price is required.
The president of the NAEA, Michael Jones, discussed the encouraging news for the UK housing market, saying: “To see such a significant boost in activity amongst sellers compared with this time last year is encouraging news for the UK property market.”
He added: “The signs are that they are being more realistic about the price they can expect to achieve when they put their house on the market. This means that, on the whole, supply can meet demand levels, meaning a more stable market, for the short term at least.”
The increase to both buy and sell sides of the market has been met with similar increases in house hunters and property sales.
January saw the average number of people attempting to sell their homes in each branch jump from 252 to 268 in February, according to NAEA members.
Jones added: “Agents are reporting much higher growth in enquiries and stock availability in some regions than others.”
The NAEA continued the discussion regarding current news within the housing market, saying: “This increase represents a step in the right direction but with news of the expected increased rate rise already affecting the mortgage market, it is essential that the banks ease up on this crucial part of the housing sector.”