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. This is according to research from TwentyEA shows that volumes of
Whilst the number 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, according to TwentyEA.
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%).
TwentyEA executive director Katy Billany 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.”
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.
Billany adds: 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.”
