England has experienced a significant rise in property listings, with a 58% average monthly increase in 2023 compared to the previous year. The Isle of Wight leads this upsurge with an 83% boost, followed by Norfolk at 78% and Somerset with 75%, suggesting a notable shift towards market equilibrium.
Nick Leeming, chairman of national estate agency Jackson-Stops, sees this as a positive sign, saying: “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.”
The increase in listings provides sellers confidence in finding good houses to move into, alleviating one of the main concerns from 2022, a year characterized by a chronic lack of supply. The anticipated easing of interest rates, along with improving fixed-rate mortgage products, bodes well for both sellers and potential buyers.
Regionally, Jackson-Stops’ data highlights Chelmsford, Sevenoaks, and Chester as hotspots with significant increases in property listings. This regional surge is seen as a ripple effect of lifestyle changes and the desire for a change of pace, prevalent reasons given by sellers for entering the market.
The positive trend is especially pronounced during the second quarter of 2023, witnessing a 91% jump in new listings, possibly influenced by the seasonal spring bounce and a series of Bank Holidays.
Insights from the Jackson-Stops network in the final quarter of 2023 reveal a buyer-to-seller ratio of 8:1, a slight shift from the 7:1 ratio earlier in the year, indicating a healthier balance as more stock becomes available.
Leeming remarks: “The proof that greater stock is entering the market will help to create a more balanced housing market moving forward.” He adds that while buyer preferences may evolve, enduring styles like Georgian and Victorian homes remain sought-after.
The coastal markets, buoyed by the post-lockdown ‘race for space’, are now experiencing a steady supply meeting demand, particularly from downsizers and those transitioning back to urban living. While the South East and London markets are poised for increased demand, this rebalancing could cool the market in more remote locations.
