November sees 46% increase in ‘for sale’ homes hitting the market, research reveals
There was a 46% increase in the number of new homes coming to market for sale across Britain this month when compared with the start of the year, research from eXp UK has revealed.
eXp UK analysed the number of homes listed for sale in the past 14 days, and how this influx of for sale stock compared with January 2023.
According to Rightmove, there were a total of 697,525 homes listed for sale across Britain – 10% more when compared to January of this year.
Of these, 67,227 were listed for sale in the past two weeks, a 46% increase when compared with the 46,092 sellers that entered the market at the start of the year.
Every area of Britain saw an increase in the number of sellers returning to the market ahead of the Christmas period.
Scotland saw the largest increase, with 3,465 homes listed over the past two weeks, a 195% increase in new for sale stock versus January.
The North East and North West also saw a notable uplift in new sellers entering the market, up 114% and 112% respectively when compared with the start of the year.
Yorkshire and the Humber (+87%) and London (+69%) also ranked within the top five largest uplifts in fresh for sale stock.
The East of England saw the smallest increase in new homes hitting the market, with 22% more homes listed for sale in the pst 14 days versus the start of the year.
The South East also saw one of the smallest increases at 31%, but the region saw the largest increase in terms of the number of new homes listed for sale, at 10,798, followed by London (9,066).
Adam Day, head of eXp UK, said: “The Christmas period is a traditionally quiet period for the property market, certainly when it comes to new sales, but there are many benefits to listing your home at this time of year.
“The main one being that you get the admin out of the way and you’re ready to hit the ground running in the new year when buyers return from their festive hiatus.
“Listing now also helps you get ahead of the competition and make the most of the Boxing Day bounce in traffic from prospective buyers and so it’s no surprise that there has been a surge in seller activity in the last few weeks.”
He added: “Although we’ve seen cooler market conditions materialise in recent months, it’s clear that any fears of a market downturn have been greatly exaggerated.
“The nation’s sellers are now confident that the value of their home will stand firm and this is also helping to boost sentiment.”