The latest research by property purchasing specialist House Buyer Bureau indicates that as the housing market cools, the number of properties for sale is surging, leading to oversaturation in some regions. Home sellers are struggling to secure buyers in the current market climate.
The Bureau analysed residential property stock listed for sale across each county of England and how these levels have changed since Q1 2023 and Q2 2022.
The study revealed that there are currently about 720,540 homes listed for sale, representing a 15% increase compared to Q1 this year and a 9% annual rise.
So far this year, Rutland has the most oversaturated property market, with a 26% increase in for sale stock levels compared to the start of the year.
There’s also been a notable surge in Herefordshire (22%), Wiltshire (21%), Dorset (21%) and Somerset (20%). Other counties in the top 10 include Cumbria (19%), Oxfordshire (19%), Devon (18%), Surrey (18%), and Worcestershire (18%).
In terms of annual growth, the Isle of Wight saw the most significant increase in for sale stock, up by 27% compared to the hotter market conditions in Q2 2022. Shropshire (25%), Lincolnshire (24%), Herefordshire (24%), Cornwall (24%), Devon (22%), Staffordshire (20%), Worcestershire (20%), North Yorkshire (19%) and Nottinghamshire (17%) also made the top 10.
In contrast, the City of Bristol is the only city seeing a decline in for sale stock, both quarterly and annually. Available for sale stock has dropped by 9% since the beginning of the year and is 21% lower than Q2, 2022.
Chris Hodgkinson, managing director of House Buyer Bureau, said: “Except for Bristol, every county in England has seen an increase in available for sale stock since the year’s start, indicating a stark contrast to the seller’s market of 2022.
“Buyers are less enthusiastic, and homes are taking longer to sell or attract little or no attention at all, leading to an oversaturation of for sale stock.”
Hodgkinson added: “This could potentially cause a further reduction in property values as the bidding wars of the pandemic boom fade away. It’s good news for buyers, but sellers are facing a more significant challenge. Many are reluctant to adjust their price expectations, but that’s the reality they face if they want to sell quickly and before any further dent in property values occurs.”
