Cooling conditions see homesellers struggle to find a buyer
Some areas of the property market are becoming oversaturated with for-sale stock, as cooling conditions see the nation’s homesellers struggle to secure a buyer in the current market, new research has revealed.
Property purchasing specialist House Buyer Bureau analysed the level of residential property stock listed for sale across each county of England, and how stock levels have changed since the start of the year and this time last year.
The firm’s research showed that there were 720,540 homes listed for sale, marking a 15% increase when compared to the first quarter of the year and a 9% growth compared to last year.
Chris Hodgkinson (pictured), managing director at House Buyer Bureau, commented: “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.
“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.”
Rutland ranked as the nation’s most oversaturated property market so far this year, with a 26% increase in for sale stock levels when compared to the start of the year. Herefordshire recorded a 22% increase in homes listed for sale, while Wiltshire (21%), Dorset (21%), and Somerset (20%) also saw an increase of 20% or more.
On an annual basis, the Isle of Wight saw the largest increase in for-sale stock, at 27% more, versus the far hotter market conditions seen this time last year. Shropshire saw stock levels increase by 25% year-on-year, with Lincolnshire (24%), Herefordshire (24%), Cornwall (24%), Devon (22%), Staffordshire (20%), and Worcestershire (20%) all recording 20%-plus annual growth.
Just one city goes went the grain, both on a quarterly and annual basis, with Bristol recording a 9% fall in available for sale properties since the start of this year and a 21% decrease year-on-year.
“With the exception of Bristol, every county in England has seen the level of available for-sale stock climb since the start of the year, and this demonstrates the altogether different landscape sellers are facing when compared to 2022,” said Hodgkinson.
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