Property listings soar amid stagnant market

Property listings soar amid stagnant market

0:01 AM, 3rd July 2023, About A year ago 1

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The number of houses on sale in England has rocketed by 15% since the start of the year as sellers struggle to find buyers, a study reveals.

According to the House Buyer Bureau, the oversaturated market has 720,540 properties currently listed for sale.

That’s an annual growth of 9% and a 15% rise from the beginning of 2023.

‘The level of available for sale stock climb’

Chris Hodgkinson, the managing director of House Buyer Bureau, said: “Buyers are acting with far less enthusiasm and, as a result, homes are taking longer to sell, or attracting little to no attention whatsoever.

“This has inevitably led to an oversaturation of for sale stock and this will naturally cause a further reduction in property values as the bidding wars of the pandemic boom fade into memory.”

He added: “So, while this may be good news for the nation’s buyers, those looking to sell are facing a far tougher challenge.

“Many are unwilling to adjust their price expectations, but this is the reality they face if they want to sell their home quickly and before any further dent to property values materialises.”

Number of properties listed for sale

Rutland stands out as the county with the most bloated property market this year, with a striking 26% surge in the number of properties for sale.

Similarly, Herefordshire also experienced a sizeable increase of 22%, while Wiltshire, Dorset and Somerset’s property listings grew by more than 20%.

Other counties witnessing considerable increases include Cumbria, Oxfordshire, Devon, Surrey and Worcestershire, each recording an increase of around 18-19%.

Comparing year-on-year data, the Isle of Wight steals the show with a 27% spike in property listings compared to the hotter market conditions seen last year.

However, not all regions follow this trend as Bristol has seen a decrease in the number of homes for sale.

The House Buyer Bureau says the market there has seen a 9% drop since the start of this year and a significant 21% dip compared to the second quarter of 2022.


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moneymanager

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9:58 AM, 3rd July 2023, About A year ago

It would be interesting to know how many of those are EWS1 impaired flats.

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