There’s been a noticeable increase in sellers entering the housing market. Estate agents listing properties on Zoopla now have about 31 homes for sale (not counting those under offer or sold subject to contract), marking a five-year peak.
Factors like the pandemic, shifts in how people work, rising living costs, tax updates, and the increased expenses associated with owning a house have all contributed to more people wanting to move or sell. Family homes are particularly in demand. The number of sellers has risen across the UK, especially in the southwest, with homes featuring four or more bedrooms making up a quarter of UK listings.
These spacious residences are priced higher, and they’re primarily targeted at up-sizers who now face steeper borrowing costs and likely higher stamp duty. These buyers are serious and data-driven. They require detailed information and a focus on the advantages a home and its location offer, as many are considering moves from different areas.
According to recent surveys, one in three potential buyers aiming to move within the next two years are up-sizers, a figure that matches the proportion of first-time buyers aiming to transition from renting or living with parents.
Our survey indicates that upsizers are particularly interested in a property’s features and perks. They also realize they may need to expand their search outside their current areas to find what they’re looking for. This has significant implications for how agents need to market and showcase these larger homes in order to secure the sale and earn their commission, especially now that there is an increased selection for buyers.
While most look for homes within their local area, higher mortgage rates and living costs are pushing people to look elsewhere. Half of the up-sizers surveyed say they’re seeking properties outside their current location.
Our data shows that up to half of the inquiries agents receive from residents in the south of England are from those living more than 10 miles away, with the number growing for larger properties.
Beyond geographical flexibility, 55% of up-sizers are looking for specific amenities in their next home, whether that’s interior features, proximity to services, or external property characteristics. Four out of five of these individuals know they’ll need to move to a different area to find what they desire.
The takeaway for agents and developers is not just the increasing number of sellers, but also the greater movement of buyers beyond traditional local areas. Agents should incorporate this into their marketing approach, targeting a broader audience and ensuring they’re highlighting all key property features and local attractions that are important to up-sizers unfamiliar with the area.
Even with marginally higher mortgage rates, the demand for housing remains strong. The agents who go above and beyond to connect with all prospective buyers will be the ones who maximise their earnings in 2024.
