60% of Homes Listed Since January Remain Unsold

New Zoopla data reveals that 60% of homes listed since January remain unsold. Driven by elevated mortgage rates and a widening affordability gap, the market has shifted firmly in favor of buyers, forcing sellers to realistically adjust their pricing expectations. [1, 2]

Key Market Data Points

• Supply vs. Demand: Buyer demand remains suppressed while available housing stock has surged by 14%.
• Sales Slump: Despite the influx of homes, sales agreed are only marginally ahead (1%) of last year, with some regions seeing annual drops up to 7%.
• First-Time Buyers: Enquiries from first-time buyers have dropped 6%, heavily impacted by higher borrowing costs.
• Price Reductions: To attract attention, 13.4% of listed homes have already undergone a price reduction. [1, 2, 3, 4, 5]

Regional Divergence

• Northern Ireland: Continues to lead with 8.6% annual growth.
• North West & North East: Both recorded steady 3.9% annual growth.
• Outer South East: Lags significantly, recording just 0.1% growth. [1, 2]