According to Quick Move Now director Danny Luke, the market has reverted to an average of 16 properties for sale. Both the number of properties enlisted with estate agents and the percentage of properties sold have reached levels reminiscent of the pre-pandemic era.
This development is advantageous for both buyers and sellers. Buyers now enjoy a broader selection, which is crucial for sustaining the market, while prices are generally holding steady. This stability is critical for counteracting higher mortgage interest rates and the prevailing challenges of the cost of living.
In the aftermath of the pandemic-induced lockdown market surge, estate agents witnessed an increase in property listings, but a higher proportion were swiftly sold subject to contract. This, in practical terms, limited options for those looking to relocate. As of February 2022, the average number of properties available within a quarter-mile radius dwindled to just 10, a decline from the average of 16 observed in February 2019 and February 2020.
While home sellers may be concerned about the lack of price growth, a period of price stability is vital for the prolonged well-being of the property market and the broader economy. This is particularly pertinent following the recent announcement of the UK slipping into a shallow recession at the end of the previous year. The rapid post-pandemic price growth was inherently unsustainable, so the fact that we endured a subdued 2023 – particularly compared to the preceding two years – could be seen as a good thing.
Despite the prevailing negativity surrounding the property market in the past year, posing challenges for buyers and sellers, it is essentially a transition back to pre-pandemic conditions. Learn more about how to property invest the right way in 2024 with the RWinvest free guide.
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