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, research by GetAgent.co.uk has revealed.
GetAgent analysed listings data on the level of for sale stock listed across Britain, and how this changed in the weeks that followed the first interest rate cut since 2020.
Two weeks following the Bank of England’s decision to cut rates, some 496,291 homes were listed for sale across Britain.
92,505 of these were listed within the previous 14 days, meaning that the level of sellers entering the market surged by 23% in just two weeks.
In terms of volume, the most new homes entered the market across London and Manchester, with new for sale stock totals sitting at 7,171 and 1,024, respectively.
When it came to the largest increase compared to the existing for sale stock already available, Glasgow was top; 849 homes listed for sale over the two-week period marked a 63% increase.
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.
All major cities saw a sizeable boost to the number of sellers entering the market; despite seeing the largest volumes, London and Manchester saw the smallest increases when taking existing stock into account, at 18% and 21%, respectively.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “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.”
