TwentyEA research shows supply is the highest in four years
According to the latest research by TwentyEA, it shows that supply and volumes of new instructions have increased.
New research from TwentyEA shows that volumes of new instructions in 2023 to date are nearly 4% higher than 2022, and only 6% lower than the pre-pandemic year of 2019.
Whilst volumes of sales agreed are down 17% on last year, there are signs that demand is now improving after reaching an all-time low in February 2023. Although demand in the first five months of 2023 was still 7.5% lower than 2019, there is now a much better balance between supply and demand than the unsustainable situation we saw in 2021.
All regions have seen a drop in demand, with Scotland significantly less affected than the rest of the UK, with a reduction of only 0.3%, followed by Northern Ireland (10.4%) and Yorkshire and the Humber (14.9%).
Katy Billany, Executive Director of TwentyEA, comments:
“Our research reveals that the regions experiencing the largest increase in supply are the South West (10%), East Midlands (8%) and Wales (6%).
“Supply volumes have declined in Northern Ireland (16% down) and Inner London (3% down).
“The good news is that availability of stock has increased, with over 60,000 properties available in May 2023, just 9% less to buy than there were in 2019.”
Katy continues:
“Available stock has increased at every price bracket since a year ago.
“In the price brackets (£350k+), there is more choice for buyers now than there was pre-pandemic, with £1m+ available properties increasing by 37% since 2020.
“Stock levels are only lower in two price brackets (<£350k). In summary, the stock shortage is over for properties over £350k, but still acute for the lower priced segment.”
Katy continues:
“For buyers in Inner London, there are over 12% more properties available than in 2019.
“Available stock is roughly the same in the Midlands, while the North East and the South as seen reductions on stock levels.”
TwentyEA has over 15 years of experience providing data to the residential property market professionals and holds the UK’s biggest and richest resource of factual life event data including the largest, most comprehensive source of home mover data compiled from more than 29 billion qualified data points.
TwentyEA is part of the TwentyCi group of companies that use data science to improve commercial outcomes for clients.
For further information, please visit the website or email [email protected].
Kindly shared by TwentyEA
Main article photo courtesy of Pixabay
