If you’re in the market for a new home this summer, you’ve timed it just 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 13% between May 2023 and May 2024.* 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?

Post-pandemic rebound

The economy has recovered after taking a hit during the COVID pandemic, and as a result, we are seeing a rebound in housing market activity. Homeowners who may have put off selling their home during the pandemic now feel more confident in putting their property on the market.

Lower mortgage rates easier

The decrease in mortgage interest rates is another factor contributing to the high number of homes for sale. With interest rates falling in 2024, many potential buyers are taking advantage of favourable borrowing conditions to buy a home. This increase in demand has led to more homes being listed for sale as sellers look to capitalise on the surge in interest.

Stable prices

Despite the increase in the number of homes for sale, property prices have remained relatively stable. This has provided a sense of assurance for both buyers and sellers, creating a balanced market where transactions can occur smoothly. The stability in prices has encouraged more homeowners to make their move, knowing that they can achieve a fair value for their homes.

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. This means they are more likely to find a home that fits their specific needs and preferences.

Less competition

A surplus of homes on the market means less competition among buyers. This can result in a less stressful homebuying experience, as buyers may not need to rush into making an offer out of fear of losing the property to another buyer.

Potential price reductions

In a busy market with a high level of supply, sellers may be more willing to reduce their asking prices in order to attract buyers. This presents an opportunity for buyers to receive a good deal on their dream home.

How does this benefit sellers?

Faster sales

While an increase in available properties may seem like bad news for sellers, it can actually lead to quicker sales. With more options available, motivated buyers are more likely to make a decision and move forward with a purchase.

Increased exposure easier

More homes for sale means more listings for buyers to browse through. This increased visibility can benefit sellers because it attracts a larger pool of potential buyers to their property.

Competitive pricing

By pricing properties competitively, sellers can take advantage of the abundance of homes on the market. Sellers who set a reasonable asking price may attract more interest and receive multiple offers.

How a good agent can help you

As a buyer, a good agent can help you find your dream home among the abundance of 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, secure a mortgage, and close the deal. As a seller, you can benefit from an 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 paperwork, taking the stress out of the selling process.