It has fallen by as much as 84% in one city
The number of new homes entering the property market for sale has almost halved when compared to the latter period of 2022, research from estate and lettings agent Barrows and Forrester has shown.
A total of 42,481 properties have come to market so far in 2023, down 46% when compared to the to the new for sale stock being listed online across Britain in November 2022.
However, in some areas of Britain, the declining level of new property stock is far more pronounced. In Scotland, it has fallen by 70%, with the city of Edinburgh seeing an 84% decline. In the North West, the property pipeline has seen a 57% reduction, climbing to 64% in Liverpool specifically.
London has also seen new stock reaching the market drop by 57%, followed by the North East, and Yorkshire and the Humber at 54%.
The East of England is home to the smallest reduction, although the level of new homes reaching the market for sale has still dropped by 32%.
At city level, Bradford and Glasgow have seen some of the largest reductions in new for sale stock at 63% and 61% respectively, with Newcastle seeing the smallest reduction at 20%.
“As interest rates have continued to climb, the increasing cost of borrowing has dampened the enthusiasm of the nation’s homebuyers and they can no longer afford to match the high asking prices seen during the pandemic market boom,” James Forrester (pictured), managing director at Barrows and Forrester, commented.
“However, while the back end of 2022 brought a heightened level of market turbulence, we’re now seeing a far more settled picture and this is expected to continue as the year progresses.
“As a result, many sellers who may have otherwise entered the fray in the new year are opting to sit tight for the time being and this has caused the level of new stock reaching the market to plummet.”
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