More people could be planning removals in the second half of the year as the number of properties on the market appears to be rising. With more properties up for sale, there will be less competition between buyers, making it much easier for families to find their new homes. Many people who have endured long searches could soon be arranging removals rather than scrolling through the property listings yet again.
The number of properties that were on the market rose by about 7% in July, creating plenty of new opportunities for buyers. The rise is likely to be at least in part due to homeowners whose properties have now risen in value deciding that now is a good time to sell. The effect was particularly strong in the capital, but other regions have also experienced a strong increase in the number of properties on the market.
The impact of this growth in the number of houses on the market will be particularly beneficial for buyers because it has coincided with a decline in the number of people looking for properties to buy. At the same time as the number of available properties was rising, the number of people registered with estate agents as potential buyers dropped by 3%. With more opportunities to buy and less competition for these properties, buyers could be enjoying an easier time in the next few months.
The current situation is a complete reversal of the first part of the year, when the market was strongly favouring sellers over buyers. The demand for property was increasing much more quickly than the supply of new properties onto the market, creating tough competition for those houses that were for sale. Many buyers found it difficult to get their offers accepted as prices were driven up by the competition. Since demand is now dropping at the same time as more houses are being put onto the market, completing a purchase could become easier for buyers. However, competition for properties remains strong in many parts of the country, so some buyers will still find it a struggle to overcome the competition and finally be able to arrange their removals.