Spring 2024 Epsom Market Update: Increase of Available Homes Shifts Buyer Dynamics

Wed 03 Apr 2024

As the property market transitions into the spring season, there's a surge in available homes for sale, marking a significant increase compared to the same period last year. According to recent data, there are approximately 20% more homes on the market, providing buyers with a wider array of options to choose from. This surge is contributing to a boost in buyer confidence and activity in the housing market.

One of the driving factors behind this uptick in available homes is the traditional spring bounce, a phenomenon where more homeowners decide to list their properties for sale as the weather warms up and daylight hours increase. Additionally, there has been a notable 9% annual increase in property sales, prompting more individuals to put their homes on the market.

A recent survey conducted among Estate Agents further corroborates this trend, with 61% of agents reporting an increase in supply in the sales market over the last three months. Another 23% of agents noted that supply levels remained consistent during the same period. This influx of listings is providing buyers with a wider selection of properties to consider, empowering them to make more informed decisions about their housing needs.

Despite the growing inventory and increased buyer activity, it's important to note that buyers are remaining price conscious in their purchasing decisions. Negotiation continues to be a prevalent aspect of the market, with a significant portion of sales agreed upon in March occurring at prices below the initial asking price. Specifically, two-fifths of sales agreed in March were at least 5% below the asking price.

These findings underscore the evolving dynamics of the housing market, where increased inventory is providing buyers with greater leverage in negotiations while also presenting opportunities for sellers to capitalize on the heightened demand. As we progress further into the spring season, it will be interesting to see how these trends continue to shape the Epsom housing market landscape.

Source: #Dataloft Poll of Subscribers, Zoopla, March 2024