Home Property Property stock levels up across 90% of the market

Property stock levels up across 90% of the market

by Seamus Doherty Property Reporter
29th Feb 24 7:37 am

New research from eXp UK, the platform for personal estate agents, has shown that estate agents are ready to hit the ground running in 2024, having bolstered for sale stock levels by as much as 18% in some counties.

eXp UK analysed the level of for sale stock held across the market in England and which county has seen the largest year on year increase in this respect (Q4, 2022 vs Q2, 2023 – latest available), highlighting where proactive agents are ready to hit the ground running in 2024 as market conditions continue to improve.

The research shows that during the closing stages of last year (Q4, 2023), the total number of homes for sale across England sat at an estimated 665,986. This marked a 5% increase on the previous year, with almost 34,000 more homes listed for sale across the nation.

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This suggests that despite the cooling market conditions that emerged in 2023, the nation’s estate agents have rolled up their sleeves and taken a proactive approach to the problem at hand, increasing the number of properties on their books considerably ahead of what is already proving to be a more positive year for the property market.

In fact, the figures show that the number of homes listed by the nation’s estate agents increased across no less than 90% of English counties, with just Surrey, London, Berkshire, Durham and Bristol seeing a reduction.

Both the East Riding of Yorkshire and Lincolnshire sit top of the table in this respect, with both counties having seen an 18% increase in the number of homes listed for sale on an annual basis.

Across Herefordshire, there were 16% more homes listed for sale on the market, while Shropshire and Northumberland saw a 15% increase.

Other areas to make the top 10 include Cornwall (+14%), Derbyshire (+14%), Devon (+13%), Staffordshire (+13%) and Rutland (+13%).

Head of eXp UK, Adam Day, said, “Any estate agent worth their salt will know that times of uncertainty and downturn are part and parcel of working within the property market, but due to its cyclical nature, these times of hardship don’t last forever.

It’s fair to say that the last year has been a testing one, but all things considered, the market remains in a very strong position and we’re now starting to see conditions improve, with mortgage approval and house prices on the up.

The very best agents will have been anticipating this return to form and rather than sit tight while the market was quiet, they will have been hard at work building their for sale stock portfolio.

Now that buyers are starting to return, it’s these agents that are ready to hit the ground running and take advantage of improving market sentiment, rather than playing catch up.”

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