Agency sale stock on the rise

The level of new for sale stock reaching the market across Britain has surged by 128% since the start of the year, GetAgent claims.

The agency comparison website analysed the number of homes entering the market over the past two weeks and how this boost of for sale stock compares to the start of the year.

The figures show that 97,500 homes were listed for sale in the past 14 days alone. That’s a 128% increase when compared to the start of the year when some 42,825 homes were listed in a two week period.

This boost to sale stock levels has been seen across every region of Britain, with Scotland seeing the largest surge, according to the research.

The North West (+185%), Yorkshire and the Humber (+171%), North East (+166%), London (+150%), South West (+135%), West Midlands (+132%) and South East (+106%) have also seen incoming stock levels increase by more than 100%.

Wales has seen the smallest increase, but there are still 81% more new homes reaching the market versus the start of the year.

In terms of the highest volume of new stock, the South East sits top with almost 17,000 new homes hitting the market.

Colby Short, chief executive of GetAgent, said: “It’s been a tricky year for the property market and a high level of market uncertainty has seen both buyers and sellers act with hesitation, with many postponing their plans to transact as interest rates have risen.

“For many buyers, the cost of borrowing remains far higher than they are used to and this will ensure that an air of caution remains. However, it’s reassuring to see that many sellers are now pushing ahead with their plans to move and this has no doubt been in reaction to the interest rate freeze seen last month.

“Of course, it’s important to remember that it remains a buyers market at present and so patience is certainly a virtue when looking to sell, as well as a realistic approach to pricing.”