It seems that 2024 is a popular year to sell, as housing supply has reached an eight-year high1.
The average estate agent currently has 31 homes for sale – 20% more than this time last year. Over the last 12 months, the value of homes on the market has also increased by 25% to £230bn. This is thanks to a rise in the number of 3 and 4-bed family homes on sale, the supply of which was limited during the pandemic.
Although this is positive, it is worth nothing that nearly a third (31%) of properties on the market have been up for sale since 2023. Also, the number of sales agreed is only up by 13% year-on-year, highlighting that the number of transactions has not quite matched the growing supply of properties. It therefore seems that supply is currently outweighing demand in the UK.
1 Zoopla, 2024