The average volume of UK properties listed for sale month-on-month rose by 58% in 2023 compared to 2022, according to new analysis by national estate agency Jackson-Stops.
According to this data, the Isle of Wight was the front runner of this trend, seeing an 83% increase of homes on the market in one year alone, closely followed by Norfolk (78%), Somerset (75%) and Shropshire (75%).
Jackson-Stops, who analysed average volumes of new listings on Rightmove’s website from 2022 to 2023, say the figures are representative of market resilience.
Jackson-Stops chairman Nick Leeming commented: “We are at last observing a rebalancing of supply and demand in out-of-market hotspots, as the influx of available properties bridges the demand gap and underscores commitment from movers to make big life changes.
“A boost in volume gives sellers the reassurance that there are good houses to move on to, one of the main barriers for house hunters in 2022 due to chronic lack of supply”.
“With the probable reduction in interest rates as inflation cools, the current market not only favours sellers but also benefits potential buyers, particularly with fixed-rate products improving and a higher rate of mortgage approvals.”
The top three counties for new property listing volumes were all waterside locations, and typical destinations for downsizers. Downing explained, “The Isle of Wight, Norfolk and Somerset all have waterside markets that absolutely thrived during the post-lockdown ‘race for space’ as buyers sought their country idyll, leading to a sustained shortage of supply. “
He added: “As sellers in these locations are on the rise, it is likely downsizers looking for their last-time buyer homes are heavily impacting market trends, as well as those ready to switch back to urban life, steadying the pendulum of supply to align with demand for properties in these areas. Whilst this may take the heat out of some further flung locations, the South East and London markets are likely to see demand only increase.”
