Would-be homebuyers are currently enjoying the highest level of springtime choice of homes in five years, Zoopla research has revealed.
There are 20% more homes on the market compared to a year ago, as well as double what was available in 2022.
Supply has improved the most in Cornwall (+159%), North Kesteven, Lincolnshire (+155%) and Bournemouth, Christchurch and Poole (+146%) where prices have also increased significantly over the last five years.
Izabella Lubowicka, senior property researcher at Zoopla, said: “The current spring boost in supply on the market is giving potential buyers more choice than ever, but affordability continues to impact budgets.
“Sellers putting their homes on the market need to keep that in mind and ensure they are pricing their property realistically in order to achieve a sale.”
Supply is highest in the South West, where agents have 2.5x as many homes for sale compared to spring 2022.
It’s thanks to large capital gains over the last five years that are continuing to motivate homeowners to sell in these areas.
In Cornwall alone, prices have risen by over a quarter (27%), whilst prices in Bournemouth, Poole and Christchurch (South East Dorset) have risen by a fifth (20%) meaning current sellers in these areas stand to make a potential buck.
Wales and the East Midlands are also enjoying high levels of homes for sale. However, in these locations over 60% of stock currently on the market is priced above the regional average, indicating a potential mismatch between what buyers can pay and what’s available to buy.
Sam Turner, director at Cornwall estate agent Kivells, said: “The Spring market has definitely sprung for Kivells, as we are seeing increased levels of activity across the county with all offices seeing more demand from buyers and sellers alike.
“There has been a large increase in new properties coming to the market which is giving buyers more choice. This is also assisting the moving process for our vendors as they have more to choose from on their onward purchases.
“The housing market across the county is experiencing very positive signs and it has never been more important to ensure that the pricing and marketing of property is correct in order to achieve a successful sale.”
