"Although likely interest rate reductions were already factored into mortgage rates, the base rate being reduced has had a huge effect on borrower sentiment."
- Co-founder and CEO of GetAgent, Colby Short
Across Britain, the number of home sellers entering the market increased by 23% in the two weeks following the Bank of England’s decision to cut interest rates.
Estate agent comparison site, GetAgent, analysed listings data on the level of for sale stock listed across Britain (excluding stock listed as sold subject to contract), as well as 15 major cities, and how this level of stock changed in the weeks that followed the first interest rate cut since 2020.
The figures show that in the two weeks following the Bank of England’s decision to cut rates, 496,291 homes were listed for sale across Britain. 92,505 of these had been listed within the last 14 days, meaning that the level of sellers entering the market had surged by 23% in just two weeks.
In terms of sheer volume, the most new homes entered the market across London and Manchester, with respective new for sale stock totals sitting at 7,171 and 1,024.
However, when it came to the largest increase when compared to the existing for sale stock already available, Glasgow sits top, where the 849 homes listed for sale over the two week period marked a 63% increase in the level of stock listed for sale.
Bristol also ranked high in this respect, where available for sale stock increased by 33% in just two weeks, with Edinburgh (+32%), Sheffield (+30%) and Bradford (+30%) also seeing a substantial increase.
In fact, all major cities saw a sizable boost to the number of sellers entering the market and, despite seeing the largest volumes, London and Manchester saw the smallest increases when taking existing stock into account at 18% and 21% respectively.
Co-founder and CEO of GetAgent, Colby Short, commented: “Property market positivity is high. It’s clear that momentum has been building, initially following the election result, but most notably in the weeks that have followed the decision to cut interest rates for the first time in four years. Although likely interest rate reductions were already factored into mortgage rates, the base rate being reduced has had a huge effect on borrower sentiment. It feels to them as though we’re now through the worst of it.
"Agents across the nation will have no doubt noted an uplift in buyer enquiries of late, but the very best of the bunch will have acted in anticipation to ensure that those looking to sell already had their house in order and were ready to hit the market promptly to take advantage of increasing demand.
"With significant pent-up demand now being unleashed, this year could certainly be an exception to historic trends.”
