Sellers flooding back to the housing market: Number of properties for sale hits two-year high…

The number of houses for sale has reached its highest level in 27 months, new figures show.

Many put their moving plans on hold after mortgage rates spiked to 14-year highs and house prices started to fall at the end of last year.

But new figures from Propertymark, which represents more than 18,000 estate agent members, show the housing market is bouncing back.

Estate agents typically reported having 35 homes for sale per branch in March. This was the highest number of homes for sale per branch since January 2021.

A year ago, there were just 20 properties on sale per branch.

The number of sales being agreed is now widely back in line with the average number agreed in 2019 before the pandemic, estate agents say.

Propertymark says the number of house viewings also increased 21 per cent in March compared with February, while the average number of new buyers registering per branch has increased by a third since the beginning of the year.

Nathan Emerson, chief executive of Propertymark, says: ‘We have seen positive activity in February and March and expect it to continue into April.

‘Prices are holding firm with a little negotiation back on the table, meaning both sellers and buyers feel they are getting their money’s worth.’