David Fell, lead analyst at Hamptons, said: “One of the largest shifts in the market since mortgage rates peaked in 2022 has been the increase in the number of homes up for sale.
“While stock levels have continued to rise over the last year, there are now around 40 per cent more homes for sale than there were pre-pandemic back in 2019.
“This largely reflects the rising length of time it takes to sell, with each home on the market for twice as long as it would have been just a couple of years ago.
“In February, it took the average home 77 days to find a buyer, making it the slowest February to sell since 2011.
“Twenty per cent of homes sold this month had been on the market for more than six months.
“Buyers have used record stock levels to strengthen their negotiating position, securing an average of 4.5 per cent off the initial asking price in February, up from 3.9 per cent at the same time last year.
“With the advantage of not having a home to sell, first-time buyers have often been favoured by sellers above others making offers at a similar level.
“This has allowed first-time buyers to negotiate harder than they have previously.
“In February, a fifth were able to secure a discount of 10 per cent or more from the asking price”.
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