New data from OnTheMarket has suggested that properties on the market may be beginning to take longer to sell.
63% of properties were listed as sold subject to contract (SSTC) within 30 days of appearing for sale on the portal in April.
Indeed, this is up from 54% a year ago. The figure is, however, down 1% from 64% in March 2022.
The number of homes listed as SSTC within 60 days is up 1% from 15% to 16% in March and April respectively, with the figure within 90 days up from 5% to 8% over the same period.
Jason Tebb, chief executive of OnTheMarket, believes that house price growth is being sustained by a lack of stock. He said:
“The number of properties newly listed for sale is slowly increasing and supply/demand economics suggest that if this continues, price growth will moderate.
If there’s more choice of properties for sale and buyer numbers remain consistent, or even start to drop off, there could be a levelling off in activity and prices.
However, the fundamental lack of stock at the present moment means that values will hold at a certain level.”
Tebb did, however, insist that the market will continue to remain buoyant over the coming period:
“While there may be further challenges to come, for now our data shows strong confidence from both buyers and sellers, which is continuing to fuel the UK housing market.
There are many reasons why people need to move and there are plenty looking to do so. This is particularly true in the regions outside the major conurbations as they look their best right now with spring leaves on the trees – one of the reasons why spring/summertime is a natural time to sell.
The challenges of the past two years have ingrained a sense of positivity in the housing market which shows no signs of slowing and as such continues to thrive as serious property seekers get on with the business of moving.”
