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UK Property Market Witnesses 23% Surge

Published by Prerana
Posted Date: July 8, 2024 , Modified Date: July 8, 2024

The UK property market has experienced a 23% surge in properties being opened for sale over the past six months. And this trend looks likely to continue following the election. A property expert’s analysis claims that sellers are using this time to beat rival vendors. Most of the major locations of the UK have seen an increase in properties listed for sale.

The Property Market Surge Data 

Recent research shows that there are 810,353 homes in total that are listed on sale across the UK. Out of these, 102,035 were listed in the past two weeks. This is a 22.9% increase in comparison to the property market at the start of the year. Almost every region of the UK has seen an increase in the properties listed due to the General Election.

Homes Listed On Sale Across the UK

The largest increase was experienced by Scotland, with 5,060 homes listed over the past two weeks, which is a 36.4% increase in comparison to January. It has been followed by the South West with a 32.2% increase. Wales experienced a 29% increase, South East 24%, and London 23%.

The South East and London have seen the largest numeral increase, with 17,521 and 13,821 homes listed over the past 14 days. In contrast, the North East has seen the smallest numeral increase, but 12.6% of homes have been listed in the past 14 days in comparison to January of this year.

Why Has the Property Market Experienced Such Growth?

A property expert claims that Summer is usually a busy time for the property market in the UK. After a period of muted activity, this summer can provide greater stability for property investors, sellers, and homebuyers.

The General Election most likely has also impacted the property market growth, as most investors are looking for some kind of relief or cost-saving initiative to be announced. Most of the cost-saving initiative is likely to be a Stamp Duty Land Tax (SDLT) relief. However, with Labour’s win at the General Election of 2024, investors and buyers may not have anything to look forward to.

The Labour Party has announced some plans for the property market, including the SDLT rate increase by 1% for non-residents and closing the non-dom loopholes. These plans may not impact the property market growth.

Conclusion

The UK property market has seen significant growth over the past six months and more so in the past two weeks. Most of the locations of the UK have experienced growth with more homes listed on the property market. Experts claim this increase is due to the summer months usually being helpful for property market growth. Another reason could be the General Election, as more people keep their eyes peeled for new initiatives to be announced.

Prerana
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