"There’s been a considerable increase in the level of fresh for sale stock reaching the market and, as a result, the outlooks for the year ahead is a far more positive one than many could have predicted just a few months ago"
- Adam Day - eXp UK
eXp UK analysed the number of homes that have been listed for sale in the last 14 days and how this influx of fresh for-sale stock compares to both the closing stages of last year (Nov 23) and on an annual basis (Jan 23).
The research shows that a total of 83,033 homes have been listed for sale across the British market in the past 14 days.
This is a 24% increase when compared to November 2023, and an enormous increase of 80% compared to this time last year when just 46,092 homes were listed for sale during this two week period.
As well as nationwide increases, the analysis by eXp UK shows that every single region of Great Britain has recorded both quarterly and annual increases in fresh stock entering the market.
The biggest quarterly increase has been recorded in the South East where new listings in the past 14 days total 14,132 which is 31% up on last quarter (10,798).
Strong growth has also been recorded in Yorkshire & Humber (30%), East of England (28%), the West Midlands (25%), London (24%), and the South West (23%).
While Britain’s quarterly growth has been impressive, it pales in comparison to a remarkable annual performance that should leave even the most fervent housing market sceptic feeling optimistic for 2024.
The nation’s overall annual increase of 80% is led by Scotland’s fresh stock in January 2024 being 216% higher than in January 2023.
In the North East fresh stock is up 159%, while in the North West numbers have increased by 147%.
This is followed by Yorkshire & Humber (144%), London (109%), the West Midlands (95%), South West (91%), East Midlands (72%), South East (71%), Wales (56%), and East of England (55%).
Head of eXp UK, Adam Day, commented: “There is a clear and undeniable momentum building across the British property market.
"Mortgage approvals are on the up, interest rates seem to have peaked and are expected to fall this year, and sellers are reacting to this growing market sentiment in order to take advantage of growing buyer demand levels.
"As a result, there’s been a considerable increase in the level of fresh for sale stock reaching the market and, as a result, the outlooks for the year ahead is a far more positive one than many could have predicted just a few months ago.”
