Number of former rented homes being sold hits record high
Data from TwentyEA reveals that in Q3, 11% of all new properties listed for sale had been available to rent in the last three years – up from 6% in Q3 2023 and from 8% in Q3 2019.
The number of properties for sale across the UK that were previously rented at some point during the past three years has reached its highest level in a decade.
Data from TwentyEA reveals that in Q3, 11% of all new properties listed for sale had been available to rent in the last three years – up from 6% in Q3 2023 and from 8% in Q3 2019. A total of 456,902 properties came to market in Q3 2024 across the UK, of which 51,684 were previously rented.
The analysis showed that this trend was most prevalent in inner London where 47% of all new for-sale properties had been previously let in Q3 2024 compared with 27% the previous year. However, every region of the UK saw an influx of previously rented properties into the sales market across July, August and September compared with Q3 last year.
In the last ‘normal’ market of 2019, the figures show a similar picture with all regions having seen an uplift in the percentage of previously rented homes for sale, with the exception of Scotland and Wales.
SSTC surge
TwentyEA reports that the number of sales subject to contract increased by a massive 23% to 332,200 in Q3 compared with the same period last year. It believes this indicates that growth in transactions will continue into 2025 and shows demand has remained unaffected by the general election.
All regions saw an uplift in sales agreed throughout the quarter, with the East of England and the East Midlands both experiencing increases of 28%, with Southampton, Peterborough and Birmingham seeing the biggest percentage rises.
At the same time, the supply of properties for sale is higher than at any point in the last six years at 456,902, up from 419,807 in Q3 2023 – a rise of 9%.