This spring, home seekers have more options than they’ve had in five years, according to research by Zoopla.
Currently, the housing market boasts 20% more listings than the same time last year, with twice the number on offer compared to 2022.
The most significant increases in housing supply are in Cornwall (+159%), North Kesteven in Lincolnshire (+155%), and the area encompassing Bournemouth, Christchurch and Poole (+146%). These areas have also seen notable price jumps in the past five years.
Zoopla’s senior property researcher, Izabella Lubowicka, comments that the surge in available properties provides buyers with unparalleled choice, yet budgets remain constrained by affordability concerns. She advises sellers to set realistic prices to facilitate sales.
The South West leads in supply, seeing 2.5 times more homes for sale than last spring.
This uptick in sales activity is attributed to substantial price increases over the past five years that have encouraged owners to sell. For instance, in Cornwall, prices surged by 27%, while in Bournemouth, Poole, and Christchurch, they rose by 20%, offering significant profit opportunities for sellers in these locales.
Wales and the East Midlands also enjoy an abundant housing stock, but with over 60% of properties listed above the regional average price, there’s an apparent discrepancy between asking prices and what buyers can afford.
According to Sam Turner, a director at Cornwall estate agency Kivells, the spring season has brought a flurry of activity to the market. With an uptick in new listings, buyers find themselves with more options, which in turn aids sellers in finding their next home. Turner emphasizes the importance of accurate property pricing and marketing to secure sales in the buoyant Cornwall market.
