With a greater choice on the market
Those venturing out to buy a home this spring have 66% more properties to choose from compared with a year ago.
An average of 25 homes were available to buy in each estate agency branch last month, according to an industry report which is up from 15 this time last year and the most since 2020, signalling a slowdown in dealmaking in the wake of pricier mortgages and a cost of living squeeze.
Sellers recognising this scenario are starting to accept lower valuations and this is helping some first time buyers get deals over the line. On a national front, one in four available residential properties have had their asking prices reduced so far this year and this is an accurate reflection of activity in Wilsons office for those wishing to expedite a sale.
On the basis of supply continuing to remain relatively low, although house price growth is unlikely, many experts believe the worst of the pricing adjustment may be behind us and prices should level out during the summer months.