Stagnant market sees property stock levels surge by 15%

Stagnant market sees for sale stock levels surge by 15% since the start of the year

The latest research by property purchasing specialist, House Buyer Bureau, has revealed which areas of the property market are becoming oversaturated with for sale stock, as cooling conditions see the nation’s home sellers struggle to secure a buyer in the current market.

House Buyer Bureau analysed the level of residential property stock listed for sale across each county of England and how stock levels have changed since the start of the year (Q1 2023) and this time last year (Q2, 2022)..

The research shows that across the market as a whole, there are some 720,540 homes listed for sale, marking a 15% increase when compared to the first quarter of this year and a 9% annual uplift.

Largest stock influx in 2023
Rutland ranks as the nation’s most oversaturated property market so far this year, with a 26% increase in for sale stock levels when compared to the start of the year.

Across Herefordshire there’s been a 22% increase in homes listed for sale, with Wiltshire (21%), Dorset (21%) and Somerset (20%) also seeing an increase of 20% or more.

Other counties to make the top 10 include Cumbria (19%), Oxfordshire (19%), Devon (18%), Surrey (18%) and Worcestershire (18%)

Largest annual increase
On an annual basis, the Isle of Wight has seen the largest increase in for sale stock versus the far hotter market conditions seen this time last year – up 27%.

Shropshire has seen stock levels increase by 25% year on year, with Lincolnshire (24%), Herefordshire (24%), Cornwall (24%), Devon (22%), Staffordshire (20%), Worcestershire (20%), North Yorkshire (19%) and Nottinghamshire (17%) also ranking within the top 10.

Going against the grain
Just one city goes against the grain both on a quarterly and annual basis. Across the City of Bristol, available for sale stock has fallen by -9% since the start of this year and sits some -21% below Q2, 2022.

Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:

“With the exception of Bristol, every county in England has seen the level of available for sale stock climb since the start of the year and this demonstrates the altogether different landscape sellers are facing when compared to 2022.

Buyers are acting with far less enthusiasm and, as a result, homes are taking longer to sell, or attracting little to no attention whatsoever. This has inevitably led to an oversaturation of for sale stock and this will naturally cause a further reduction in property values as the bidding wars of the pandemic boom fade into memory.

So while this may be good news for the nation’s buyers, those looking to sell are facing a far tougher challenge. Many are unwilling to adjust their price expectations, but this is the reality they face if they want to sell their home quickly and before any further dent to property values materialises.”