Housing supply starts to improve
While the COVID-19 pandemic and other factors have tipped the property market in favour of sellers recently, there are some positive signs for buyers looking for better value.
This month, property search portal OnTheMarket published its Property Sentiment Index, offering insights into how things might be changing. According to the report, the number of sale listings is rising, slightly dampening the issue of supply.
In addition, strong market growth over the past two years means that 82% of buyers still believe they can achieve a completion within three months. Along with the promise of moving in time for summer, this confidence is further driving homeowners to list their properties for sale. *
However, due to an inherent lack of housing stock nationwide, prices are unlikely to drop dramatically any time soon. Instead, buyers should look for the coming window of opportunity as the market settles to an ‘elevated version of the pre-pandemic market’.*
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