Home seller activity surges as market continues to stabilise following the mini budget

Posted on Wednesday, March 15, 2023

 In the aftermath of last September's ill-fated mini-budget, the volume of new homes entering the market fell off a cliff edge as thousands of would-be sellers paused their property plans to ride out the financial turbulence. However, according to the latest market analysis, home sellers have been returning to the market in force so far in 2023. 

The research from estate and lettings agent, Barrows and Forrester, analysed the current level of for-sale stock to have been listed across the market in Britain within the last 14 days and how this influx of market activity compares to the start of the year.

Previous research by Barrows and Forrester found that the number of homes entering the market almost halved following the shambolic mini budget delivered last September, with new stock levels falling by 46% when comparing November to January of this year.

However, with stability returning to the market and house price holding firm, there has been a significant increase in the number of homes reaching the market in recent weeks.

The latest analysis from Barrows and Forrester shows that over 87,000 homes were listed for sale across Britain in the last 14 days, up 89% from the 46,092 that entered the market at the start of the year.

This current influx of available stock is also higher when compared to November of last year, suggesting that the negative impact of September’s mini-budget is now behind us.

In fact, all regions have seen a substantial increase in the number of new homes reaching the market versus January of this year, and every region but London has also moved above last November’s benchmark.

Scotland has seen the biggest uplift in home seller market activity, with a 228% increase in for-sale stock over the last two weeks versus the start of the year.

In the North West, there are currently 156% more homes entering the market when compared to January conditions, with the North East (+154%), Yorkshire and the Humber (+148%) and London (+121%) also ranking within the top five biggest increases so far in 2023.

The East of England has seen the smallest uplift in homes reaching the market, but even still, the region has seen a boost of 64% when compared to the start of the year.

James Forrester, Managing Director of Barrows and Forrester, commented: “Following the shambles that was last September’s mini-budget, many sellers put their plans on hold as uncertainty enveloped the property sector. This led to the level of stock reaching the market across Britain falling by almost half and only added fuel to the fire of a potential downturn.

"However, we’re yet to see this downturn materialise where any notable decline in house prices is concerned and with stability returning to the market, it’s clear that it’s business as usual in 2023. Sellers are acting with a renewed level of confidence and pushing ahead with their sale, resulting in a considerable increase in available stock across the board.”

Via @PropertyReporter