April brought encouraging news for both buyers and sellers in the UK housing market.
House prices rose last month, reflecting a solid 5% increase in demand from those looking to purchase a home compared to the same time last year. At the same time, the number of new sellers entering the market has also increased by 4%, leading to more homes available for sale than at this time in 2024. This means more choice for buyers and a competitive market for sellers, creating a positive dynamic for both sides.
Despite recent changes to stamp duty, the market remains strong. We haven’t seen an increase in home sales falling through, indicating that there’s no major backtracking from first-time buyers or movers who were unable to complete before the tax changes. In fact, many buyers acted quickly, with a late rush to finalise sales before the stamp duty deadline. This shows the resilience of the market and the continued confidence of buyers and sellers alike.
An important highlight is the 24,000 drop (a 4% decrease) in the backlog of buyers waiting to complete their purchases. This is the first time since the pandemic that the queue has reduced during March, a positive signal that the market is becoming more efficient and transactions are progressing more smoothly. Although the backlog has started to rise again, this is simply a reflection of the typical seasonal fluctuations in the market.
For sellers, this means now is a great time to capitalise on the competitive market. With increasing buyer demand and more homes to choose from, it’s an excellent opportunity to secure a strong sale. And for buyers, the greater selection of properties, combined with stable prices, makes this a promising time to make a move.
