For sale stock levels rose by 9.2% during the first quarter (Q1) of 2024, the latest research by eXp UK has revealed.
eXp UK analysed the number of homes listed for sale across each county in England and how this level of for sale stock compared both to the previous quarter and annually.
The figures showed that total listings climbed by 9.2% between Q4 2023 and Q1 2024, while annually, there were 15.6% more homes available for sale across the market.
The biggest increase in for sale stock on a quarterly basis was found in Rutland, with the county seeing a 19.2% increase in available homes for sale.
The City of London ranked second with a 16.3% increase, while Hertfordshire (+14.5%), East Sussex (+13.7%) and Herefordshire (+13.6%) also ranked within the top five.
However, every single county has seen an increase in for sale stock on a quarterly basis, demonstrating the overarching opinion that the market is set to return to full health in 2024.
When it came to the largest boosts in for sale stock levels versus Q1 of last year, Rutland (+27.5%) and Herefordshire (+24.5%) again ranked highly, with Cheshire (+22%), Shropshire (+21.7%) and Derbyshire (+21.7%) also among the biggest increases.
Adam Day, head of eXp UK, said: “Agents across the nation will have been hard at work, building a strong pipeline of for sale stock ahead of the seasonal spring surge in market activity.
“However, it’s fair to say that this uplift in the number of homes listed for sale also demonstrates the improving health of the property market when compared to the more subdued landscape of last year.
“With buyer appetites dented by higher mortgage rates, many sellers had chosen to sit tight with respect to their sale, particularly in the face of cooling house prices.
“But now that we’ve seen a consistent increase in both mortgage approval levels and house prices during the start of this year, they are rapidly returning to capitalise on these returning market conditions.”
