That’s according to Zoopla, which recorded a 26% rise in buyer demand over the year to September.
New sales agreed are also 25% higher than a year ago as buyers have returned to the market. As a result, house prices are also up by 0.7%.
Boost in supply
There’s more for buyers to choose from, as the supply of homes onto the market has also risen by 12%, from homeowners looking to move to landlords concerned over tax changes.
A third (32%) of homes for sale on Zoopla are now ‘chain-free’, which includes investment properties. According to Zoopla, 13% of homes for sales were previously rented out.
Coastal and rural areas have 40% more homes for sale than average – including second homes, as landlords sell holiday lets.
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Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Owners are falling over themselves in a rush to shift holiday homes and buy-to-let investment properties. They’re panicking that changes that might come through in the Budget could saddle them with a huge tax bill on their gains, making property investments even less attractive from a tax perspective.
“Fortunately for sellers, this wave of property listings isn’t forcing prices down, because demand from buyers is on the up too. It’s helping to protect sellers from yet another disappointment in their property investment journey. However, it’s still a buyer’s market, so they can’t afford to overprice their property – especially if they’re after a quick sale ahead of any potential tax changes.”
Richard Donnell, executive director at Zoopla, added: “Lower mortgage rates are delivering a much-needed confidence boost to homeowners, many of whom have sat on the sidelines over the last two years. Market activity is up across the board and expectations of lower borrowing costs will continue to bring buyers and sellers into the market.
“Speculation over possible tax changes in the Budget and the impact of previous tax changes are continuing to add to the growth in the number of homes for sale. We remain in a buyer’s market and greater choice of homes for sale will keep house price inflation in check into 2025.”
Related: House prices, buyer demand and home sales all up in 2024
