The number of available UK homes for sale across England at the beginning of the year showed a 9.2% increase compared to the last quarter and a 15.6% increase from the same time last year, according to recent statistics.
eXp UK, the data provider, reports that this upswing in housing inventory indicates that more sellers are feeling confident to join the market, attracted by the improving conditions of the housing sector.
eXp UK’s research looked at property listings in each English county and compared the current real estate inventory with figures from both last quarter and last year.
The analysis shows that real estate agents have successfully expanded their listings, persuading sellers to re-engage with the market. This resurgence is attributed to rising demand from buyers and better property values following a downturn caused by increased mortgage rates.
Rutland leads with the most significant quarterly rise in property listings, showing a 19.2% jump in available homes. The City of London follows with a 16.3% increase, while Hertfordshire (+14.5%), East Sussex (+13.7%), and Herefordshire (+13.6%) also make the top five.
An increase in property listings has been observed in all counties compared to last quarter, reflecting a general anticipation of a robust market recovery in 2024.
Looking at year-on-year increases, Rutland (+27.5%) and Herefordshire (+24.5%) once again show strong gains, with Cheshire (+22%), Shropshire (+21.7%), and Derbyshire (+21.7%) also featuring at the top.
This overall market improvement is consistent, except for the City of Bristol, which saw a slight decrease in property listings when compared to the first quarter of 2023.
Adam Day, head of eXp UK, remarked that nationwide agents have been industriously preparing their listings for the busy spring period.
He also observed that the boosted listing numbers are a clear sign of a real estate market rebound compared to the previous year’s lull.
With sellers previously discouraged by rising mortgage rates and declining property values, the recent positive changes in mortgage approvals and property prices have enticed them back into the market to take advantage of these improved conditions.
