Property stock levels drop -12.5% so far in 2022
The latest data release by estate agent comparison site, GetAgent.co.uk, has revealed which postcodes are currently ranking as the nation’s home selling hotspots, despite a drop in the average number of homes listed for sale per estate agency branch across Britain as a whole.
GetAgent pulls data from all of the major property listing portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents, to see where sellers are most active, what price they are selling for and the price they are achieving once sold.
The data looks at the average number of properties listed for sale per branch in every postcode across Britain so far this year, as well as how this level of for sale stock has changed when compared to the red hot market conditions seen in 2021.
The data suggests that across Britain, the manic market conditions of the pandemic property market boom have started to subside. So far in 2022, there has been an average of 7.3 homes listed per estate agency branch across Britain, a -12.5% drop compared to the 2021 average of 8.4.
The Exeter postcode of EX38 has seen the largest reduction in market activity, with just one home listed for sale per agency branch versus 14.3 in 2021 – a 93% drop.
In the LL15 postcode of Denbighshire, the average estate agency branch has seen a 92.6% drop in listing levels so far in 2022, down to just 1.7 per branch versus 22.7 in 2021.
The ST13 postcode in Staffordshire (-89%), IV36 in Moray (-87.8%) and YO43 in the East Riding of Yorkshire (-83.9%) have also seen some of the largest reductions in listing activity so far this year.
But some agents are still very much feeling the heat of the pandemic property market boom.
In the BB5 postcode of Hyndburn, the average agent is listing 12.8 homes per branch, a 635.6% increase versus 2021.
In the Vale of White Horse, the average branch in the SN7 postcode has seen a 430.9% increase in homes listed for sale.
The G65 postcode in North Lanarkshire (+351.9%), S18 in North East Derbyshire (+338%) and South Ayrshire’s KA26 postcode (+300%) have also seen some of the largest increases in stock for sale per estate agency branch.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
“We’re starting to see strong signs that the heightened levels of market activity driven by the nation’s homebuyers is now starting to subside ever so slightly, most notably by way of a reduction in mortgage approvals.
As our analysis shows, there has also been a reduction in market activity on the side of the nation’s sellers so far this year, with available stock levels dwindling quite significantly in some areas.
Of course, with the market already suffering from a drought of its own with respect to available stock, a further reduction should ensure that the scales of supply and demand remain out of balance. As a result, property values are likely to remain robust despite the wider pressure of a cost of living crisis.”
