Stock supply soars - Zoopla and Rightmove data under the spotlight

Posted on Friday, April 26, 2024

An analysis of Rightmove data shows that sale stock levels were up 9.2% across England during the first quarter of 2024, compared with the same period of last year. 

The figures show that there were 15.6% more homes available for sale across the market. 

In terms of counties the biggest increase was in tiny Rutland, up 19.2%; the City of London was second up 16.3%; Hertfordshire (14.5%), East Sussex (13.7%) and Herefordshire (13.6%) make up the rest of the top five. 

Every county has seen an increase in ale stock on a quarterly basis, demonstrating the overarching opinion that the market is set to return to full health in 2024. 

Bristol has the smallest increase in for sale stock when compared to Q1 2023.

The analysis was completed by the agency eXp and comes on top of similar data produced by Zoopla.

The portal says the number of homes for sale across the UK is now at a five-year high with 20% more on the market than this time last year.

The huge increase is double the amount of homes for sale in 2022 with supply in Cornwall up 159%, North Kesteven in Lincolnshire up 155% and Bournemouth, Christchurch and Poole up 146%.

The portal’s senior property researcher Izabella Lubowiecka says: “Overall supply is the highest in the South West, where agents in areas like Truro have two and a half as many homes for sale compared to spring 2022. The current spring boost in supply on the market is giving potential buyers more choice than ever, but affordability continues to impact budgets. Sellers putting their homes on the market need to keep that in mind and ensure they are pricing their property realistically in order to achieve a sale.”

Via @EstateAgentToday