For-Sale Stock Up 9.2% in English Property Market

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For-Sale Stock Shows Sellers Are Coming Back to the Property Market

eXp UK’s latest research shows that for-sale stock levels in the property market in England increased by 9.2% during the first quarter of 2024. Compared to last year, available stock is also up by 15.6%. This may indicate that sellers nationwide are returning and eager to take advantage of better market conditions. For property investors, this means there could be more buy-to-let property for sale in the coming months.

Let’s dive into the figures.

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What Is For-Sale Stock Like Across England Right Now?

eXp UK analysed the number of homes listed for sale in each county in England and compared it to the previous quarter and the previous year.

They found that total listings increased by 9.2% between Q4 2023 and Q1 2024. Annually, there was a 15.6% increase in homes available for sale across the market. These figures also correlate with the latest Rightmove House Price Index, which showed a 12% increase in for-sale stock year-on-year.

This shows that agents across the nation have expanded their for-sale stock portfolios, attracting sellers back to take advantage of growing buyer demand and improving house prices after a period of slow market activity due to higher mortgage rates.

The largest quarterly increase in for-sale stock was in Rutland, with a 19.2% rise. The City of London followed with a 16.3% increase. Hertfordshire (+14.5%), East Sussex (+13.7%), and Herefordshire (+13.6%) also saw significant increases.

However, every county experienced an increase in for-sale stock, indicating the belief that the market will recover fully in 2024.

Looking at the most significant boosts in for-sale stock compared to Q1 of the previous year, Rutland (+27.5%) and Herefordshire (+24.5%) stood out, along with Cheshire (+22%), Shropshire (+21.7%), and Derbyshire (+21.7%).

Overall, the market’s health has improved widely, with only the City of Bristol showing a lower level of for-sale stock compared to Q1 2023.

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What Do the Experts Make of the For-Sale Property Stock Data?

Adam Day, Head of eXp UK, commented: “Agents across the nation will have been hard at work, building a strong pipeline of for-sale stock ahead of the seasonal spring surge in market activity. However, it’s fair to say that this uplift in the number of homes listed for sale also demonstrates the improving health of the property market when compared to the more subdued landscape of last year.

“With buyer appetites dented by higher mortgage rates, many sellers had chosen to sit tight with respect to their sale, particularly in the face of cooling house prices. But now that we’ve seen a consistent increase in both mortgage approval levels and house prices during the start of this year, they are rapidly returning to capitalise on these returning market conditions.”

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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.