Market switch - and what it means to buyers and sellers

Over the past five years, the housing market has been defined by demand consistently outstripping supply.

- by Dennis Morton

Since 2020, buyers have been competing fiercely for limited stock, many homes selling at record prices and often well above the asking price.

It created an environment where sellers held the most power, and securing a property meant buyers had to move fast and be prepared to stretch their budgets, explained Leeds-based property expert Mark Manning, managing director of Manning Stainton.