UK Homes for Sale Hit Eight-Year High, But Buyers Stay Cautious
- Seller confidence jumps with 20% more houses on market in May
- Supply is outpacing agreed sales as borrowing costs stay high
The average UK house cost around nine-times average earnings in late 2022, the highest since 1876.
Photographer: Hollie Adams/BloombergHouses for sale in Britain hit an eight-year high in May in another sign the UK property market is recovering from last year’s slump, even as prospective buyers remained cautious due to high finance costs.
New housing supply is growing faster than agreed sales on improved optimism, according to a report by property portal Zoopla. The average UK estate agent had 31 homes for sale in the four weeks through May 19, the most since the firm started collecting such data in 2017 and a 20% increase from the same period a year earlier. That suggests homeowners are regaining confidence after last year’s interest-rate increases prompted many to delay listings.