For-Sale Properties Increase Across 90% of the UK Property Market

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Significant Increase in For-Sale Properties Across Most of the UK

2023 was a year marked by low supply in the property market. With inflation and interest rates high, fewer people could be tempted into buying investment property or selling their current property. As such, fewer homes came to market, while more people entered the rental market looking for suitable accommodation.

However, 2024 looks to rectify these issues following a significant rise in for-sale stock across most of the UK. An eXp UK study revealed a 5% increase in stock from the same time last year, marking a return to more robust levels for the national property market. This correlates with similar findings in the most recent Zoopla House Price Index regarding an influx in for-sale stock, which means more buy-to-let housing could be available for investors compared to last year.

Find Out More: Looking for a comprehensive guide to buy-to-let? Browse some of our handy regional guides, including our City of Westminster area guide.

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What Is Housing Supply Like in the UK Property Market in 2024?

eXp UK examined the number of homes available for sale throughout England and identified the county experiencing the biggest yearly rise. This highlights where proactive agents are poised to start strong in 2024 as market conditions improve.

The research reveals that in the last quarter of 2023, the total number of homes for sale in England reached around 665,986. This showed a 5% increase from the previous year, with nearly 34,000 more homes listed across the country.

This indicates that despite the market cooling in 2023, estate agents nationwide have taken proactive steps, significantly increasing the properties available for sale ahead of what appears to be a more positive year for those looking to buy investment property.

In fact, the data indicates that the number of homes listed by estate agents increased in over 90% of English counties, with only Surrey, London, Berkshire, Durham, and Bristol seeing a decrease.

Both the East Riding of Yorkshire and Lincolnshire lead in this aspect, with both counties experiencing an 18% increase in homes listed for sale annually.

Herefordshire saw a 16% rise in homes listed for sale, while Shropshire and Northumberland experienced a 15% increase.

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

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What Do the Experts Make of the Increase in For-Sale Stock?

Head of eXp UK, Adam Day, commented: “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.” Learn more about buying property for investment with the array of guides available on our portal.

For more property insights regarding specific areas in the UK, check out some of our buy-to-let area guides, including:

Author

Dale Barham

Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.