A surge in home buyer demand has resulted in £149bn worth of properties being sold so far this year, double the value in the same period in 2020 and 2019.
According to the latest research, one in every 50 homes was sold between 1 January and 15 April, up from one in every 100 homes during the same period of last year, when the housing market was shuttered for several months in the first Covid lockdown.
The surge in sales has led to a lack of property on the market, with the number of homes available to buy 30 per cent down on levels seen between 2017 and 2019, according to research by property platform Zoopla.
The total number of homes listed for sale in the year to date is 19 per cent lower than average levels recorded in 2020 – despite a 50 day market closure in England – and longer in Wales and Scotland – last year when hardly any new stock was brought to market.
Three and four-bedroom houses have recorded the biggest annual drop in supply – reflective of buyer demand for more space and an overall trend in homeowner appetites to upsize.
Across the UK, listings for three-bedroom and four-bedroom houses have reached a five-year low.
Listings of four-bedroom homes for sale are down year on year across the UK – by 58 per cent in Scotland, 44 per cent in the South West, 42 per cent in the North West, and 40 per cent in the South East.