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The outskirts of London and the suburban belt are home to five of the 10 areas that had seen the biggest increase in supply – many of which are downsizers returning to the sales market.
Listings in the Surrey town of Esher, where the average asking price was £1.05million, rose from 23 in August to 58 in September.
Karl Matier, of Savills Estate Agents’ Esher office, said: “We are moving away from lockdowns, moving closer to normality, more and more people are ready to think about selling,” Mr Matier said. Rating requests, a key indicator for future ratings, also jumped 10%, he added. But supply was still down a third from pre-pandemic levels.
“The biggest constraint is that the sellers saw nothing to buy. But the more stock that passes, the more people will sell,” Mr. Matier said.
While the stamp duty holiday spurred the market and created a frenzy to move ahead of the deadline, the rush also deterred many sellers from signing up.
“The upside was they could get a good price on their sale, the downside was they probably had to bid competitively with others to buy somewhere,” Mr Matier said. At the higher end of the market, where stamp duty savings paled in comparison to house prices, there was more incentive to wait. “Now some foam has come out of the market,” Mr. Matier said.