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UK housing market sees highest inventory levels in 8 years, anticipates steady price rises

UK housing market sees highest inventory levels in 8 years, anticipates steady price rises

Posted on June 3, 2024   |  

The UK is experiencing its highest level of homes for sale in 8 years, indicating a potential slowdown in house price increases.

A significant 20% increase in available homes compared to 2023 is attributed to delays caused by rising mortgage rates.

Currently, the average estate agency lists rose to 31 properties, up from 2023 and only 16 in 2022 when supply was scarce.

Despite the supply-demand imbalance, house prices have performed better than expected in early 2023.

Agreed sales have risen by 13% year-on-year in May, while supply increased by 20%.

Regions with significant population growth during the pandemic, like the southwest of England, now have 33% more homes for sale compared to last year.

Nationally, house prices are slightly lower than last year, with variations across regions like a 3.6% increase in Belfast and a 3% decline in Ipswich.

The housing market shows a growing divide between the north and south of the UK, affecting price trends in cities such as Ipswich, Hastings, and Belfast.



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