Property Sales Reach New High

The property market is currently witnessing a significant surge in house sales, reaching levels not seen since the pandemic.

Over the last few weeks, new property listings have seen their largest increase since September 2020, according to the Royal Institution of Chartered Surveyors (RICS). This rise is primarily attributed to the recent interest rate cuts by the Bank of England, which have reduced borrowing costs and increased mortgage approvals. Estate agencies have reported a strong start to the year, with high levels of instructions and heightened market activity.

This surge in the property market is fantastic news for sellers for several reasons:

1. Increased Buyer Demand: The decrease in mortgage rates has made homeownership more attainable, resulting in an increase in buyer enquiries. This surge in demand means sellers are more likely to receive offers quickly and may even experience competitive bidding, which could drive up sale prices.
2. Favourable Selling Conditions: With more buyers entering the market, properties are spending less time on the market. This swift turnaround reduces the uncertainty and holding costs associated with prolonged selling periods, allowing sellers to move forward with their plans more efficiently.
3. Price Stability and Growth: The surge in market activity has led to stable or even rising house prices across many regions. Sellers can take advantage of this trend, securing favourable returns on their properties. For example, house prices increased by 0.1% in January, pointing to a positive outlook.
4. Improved Market Confidence: The combination of lower interest rates and government initiatives, such as the digitalisation of property data to speed up transactions, has strengthened overall market confidence. This environment encourages more buyers to proceed, knowing that the purchasing process is becoming more streamlined and efficient.