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Housing stock on the up

Housing stock on the up
Housing stock on the up

The number of residential properties up for sale has increased according to latest data* , which could further strengthen the position of buyers.

Supply surge?

Ever since the pandemic days of frenetic buying, demand outstripping supply has been a familiar picture in the UK housing market. And with interest rates rising sharply in the past year some potential sellers have put their moving plans on ice. The survey data shows new instructions rose significantly in May to mark the strongest reading for new listings since March 2021. Alongside that, estate agents reported having an average of 38 homes for sale per branch in May. This is a significant rise from around a year ago when there were typically only 20 properties per branch up for sale.

Get moving

Figures for sales agreed are steady and now almost back in line with pre-pandemic averages, estate agents noted. Although challenges remain, this is a strong sign that activity seems to be recovering. With more choices available, if you’ve been thinking about moving, this could be a great time to find your dream property!

Flats are back in demand

Agreed residential sales are now just 3% behind the last more normal pre-pandemic market of 2019. The recovery in recent months appears to be largely driven by sales of flats, particularly in London, Manchester and other major cities, as people return to office working.

Across all property types, flat sales are up by around 11% when compared to March 2019. Sales agreed on flats alone in the capital are up 23%, compared to the same period in 2019** . According to the latest government House Price Index, the average flat or maisonette in the UK now costs £229,752, an increase of 2.7% from the same time last year, when the average price was £223,686.

* RICS, 2023

** Rightmove, 2023

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