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February 27, 2024
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Property

1000s of property sellers return to market in new year


Estate agent window property

Thousands of sellers have re-entered the property market after failing to find a buyer last year, new figures show.

The latest research by hybrid agency Yopa reveals that 2,019 properties have returned to the market, while the most common reason for a relisting is a previous fall-through.

And the largest proportion of returning homes are located in the South East, which currently boasts 21% of the national total.

London and the East of England each have 13% of Britain’s returning homes, followed by the North West (9%), East Midlands (8%), West Midlands (8%), and Yorkshire & Humber (7%).

Property discount

The analysis by Yopa shows that the average price of those properties to have re-entered the market is £362,244. Compared to the overall average British house price of £370,730, this is a discount of £8,486, or 2.3%.

In Scotland, homes returning to the market are priced 4% below the wider regional average price, which is a cash saving of £8,010.

In London the discount is 3.9%, followed by the East Midlands (3.7%), South West (2.7%), and North East (2%).

Many will have decided to pull their property listing and re-enter the market come the new year.”

Verona Frankish, Yopa

Verona Frankish, CEO, Yopa

Verona Frankish, CEO of Yopa, says: “There will have been lots of motivated sellers entering the market towards the back end of 2023, sellers who would have been hopeful of securing a sale before the Christmas break as market conditions started to improve.

“However, not all of them will have managed to do so and whether it was due to a transaction collapsing, or simply to reset ahead of the January rush, many will have decided to pull their property listing and re-enter the market come the new year.”

Zoopla creates new ‘back to market’ label for fall-throughs




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