The housing market is facing a mountain of uncertainty in the form of unsold stock as it heads towards the end of its peak selling season. That's an overall sales rate of just 21% in what should be one of the busiest months of the year for the residential property market. In February 2021, when the market was in boom mode, the sales rate was 64%, and in February 2020 it was 36%. (The graph below shows monthly sales compared to the total stock on the market at the end of the previous month). So for the time being at least, the housing market pendulum has swung firmly in favour of buyers, who are in the fortunate position of having plenty to choose from and plenty of time to make up their minds.

Source: Stuff March 15, 2024 21:12 UTC