Rightmove has reported that the Thursday before the Easter bank holiday weekend saw the highest number of new sellers entering the market this year.
March 28, also ranks as the third most prolific day for new property listings since August 2020, only surpassed by Boxing Day in both 2022 and 2023, according to Rightmove's data. Compared to the previous Thursday, there was a 45% increase in homes added to Rightmove.
Tim Bannister, Rightmove's property expert, said: "A huge number of new sellers came to market as we all geared up for the Easter break, all hoping to capture the attention of those buyers using the long weekend to home hunt alongside their Easter egg hunts.
"It's still a price-sensitive market, so, while the uptick in activity we've seen over the past few months is a positive sign, sellers still need to heed the advice from their agent on pricing competitively to help secure a successful sale."
In the backdrop of economic fluctuations, two- and five-year fixed-rate mortgages had soared above 6%, but recent reductions in inflation have sparked optimism for a potential cut in the Bank of England base rate. According to Moneyfacts, the average two-year fixed mortgage rate edged up slightly on Thursday to 5.81%, from 5.80% the previous day.
The five-year fixed rate remained steady at 5.39%. Meanwhile, Nationwide Building Society has observed a slight dip in UK house prices by 0.2% month-on-month in March, but also noted an uptick in market activity.
Bank of England data revealed that mortgage approvals surged in February to the highest level since Liz Truss's mini-budget last September, with 60,383 mortgages given the green light. Propertymark's CEO Nathan Emerson commented on the positive trend, saying: "It's encouraging to now see people once again finding the confidence and affordability to power their next move."
A Savills survey of 1,200 individuals looking to move home showed that 15% are willing to stretch their budgets further. Home size and room count have become increasingly important to buyers, with 65% and 54% citing them as key factors, up from 52% and 45% two years ago.
It appears a looming general eelction is not putting people off looking for a new home with 79% of those looking to move shrugging off the idea that the election will change their plans, although 8% admit they're less keen on moving because of it.
Savills' residential research analyst Lucian Cook commented: "With mortgage markets steadily improving, the outlook for the housing market has certainly improved and has entered the first stages of recovery."