The housing market has taken a slight shift and it is showing in the asking price from sellers. According to recent reports there are more properties that have come onto the market compared to last year and that has made the market switch to less of a sellers’ market. Those hoping to sell their homes in a timely manner are becoming more competitive and are dropping prices in an attempt to gain the attention of hopeful home buyers or to put their property into a category that is affordable by a larger demographic of buyers.

According to the House Price Index from Rightmove the number of new to the market properties rose by 8.6% compared to the same time last year. The volume of properties per estate agent on the market is at the highest level since September 2015. The competitive mode of the market has pushed a third of current British property sellers to reduce their asking price at least once.

House prices have basically stalled due to the current state of the market.

Miles Shipside, Rightmove’s Director, commented on the increase of properties on the market saying, “At this time of year, many potential sellers are more focused on erecting sun umbrellas as opposed to ‘For Sale’ signs, and would-be buyers are equally distracted by their summer holidays.

“Prospective buyers will need tempting with a summer special price or a beautifully finished and presented must-have home, and sellers whose homes tick these boxes then need an estate agent with good marketing skills to promote it effectively.”

Home buyers are likely to be motivated by more attractive for sale pricing as well as the continued low interest rates offered by lenders. Along with the usual positive shift to the market brought on by summer months the housing market will be one to watch over the coming months.

Homeowners are expected to keep their eye on the offers from lenders as well with low interest remortgage offers available. Between home buyers and home owners the lending market might see a slight boost, even if the housing market remains steady throughout the summer.