The housing market has witnessed a significant boost in home availability across the UK, reaching levels not seen in the past five years. Property portal Zoopla has reported a 20% increase in the number of homes on the market compared to last year, signaling a vibrant period for potential home-buyers seeking a variety of options.
Regional Highlights and Coastal Surge
The increase in property listings has been particularly notable in coastal regions such as Cornwall and East Dorset, with the South West experiencing a 2.5-fold increase in homes for sale compared to spring 2022. These areas have seen substantial capital gains over the last five years, encouraging more homeowners to sell. In Cornwall, property prices have surged by 27%, while Bournemouth, Poole, and Christchurch in South East Dorset have seen a 20% rise. This potential for profit has prompted a significant number of new listings, providing a wider selection for buyers. However, with the return to office or hybrid working setups, the influx of non-local buyers has moderated, affecting the speed at which homes are selling.
Increased Choice Across the Nation
While the South West leads with the highest increase, other regions like Wales and the East Midlands are also seeing a significant uptick in available properties. In these areas, however, over 60% of the homes on the market are priced above the regional average, which may indicate a mismatch between buyer budgets and asking prices. Unlike the pandemic-driven surge in rural and scenic areas like Monmouthshire, neighboring regions such as Caerphilly and the Vale of Glamorgan are now experiencing larger inventories. This trend is mirrored in the East Midlands, particularly in rural locales like southern Lincolnshire and Derbyshire, including the Peak District, where higher-value markets are moving slower due to affordability challenges.
Diverse Property Types Enhancing Buyer Options
The supply of larger homes suitable for families looking to upsize has doubled outside of London compared to February 2022, with a significant increase in 4+ bedroom homes available. Three-bedroom homes, consistently popular among buyers, have also seen a 25% increase in availability. Importantly, properties with desirable features such as external space, outbuildings, annexes, and adequate parking are becoming more prevalent, with increases of 70% for external features, 86% for parking, and 63% for garages.
Commenting on the robust supply, Izabella Lubowicka, Senior Property Researcher at Zoopla, stated, “The current spring boost in supply on the market is giving potential buyers more choice than ever, but affordability continues to impact budgets. Sellers putting their homes on the market need to keep that in mind and ensure they are pricing their property realistically in order to achieve a sale.”
In Cornwall, Sam Turner, Director at estate agent Kivells, echoed this sentiment: “The Spring market has definitely sprung for Kivells, as we are seeing increased levels of activity across the county with all offices seeing more demand from buyers and sellers alike.”
As the UK property market experiences these dynamic shifts, landlord buyers and sellers alike are advised to stay informed and realistic about pricing to capitalise on the current opportunities.
