Supply issues beginning to ease except in NI, latest data reveals

The dwindling number of properties coming to the market is starting to reverse as supply issues ease, latest data from TwentyEA reveals.

Property supply has risen in every UK region apart from Northern Ireland with the largest rises seen in the South West (11%), East Midlands (10%) and the Humber (9%).

But supply is also up the least in the North East and Scotland (3% respectively), inner London (4%) and Wales and outer London (5% respectively).

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On average, demand for property for sale is down 17% in the UK since 2019. And in terms of the volume of price reductions, both Northern Ireland and the North East are still seeing lower levels of price reductions than in 2019 (down 10% and 19% respectively).

Despite all the doom and gloom in the media, the UK property market is in good shape.”

Stuart Ducker, Strategic Solutions Director of TwentyCi, says: “Despite all the doom and gloom in the media, the UK property market is in good shape.

“To date, sellers have on average sold their properties for 100.79% of the initial listing price. Time to sell is also improving. In November 2022, half of all properties listed took only 29 days to sell. This is 34% faster than the 44 days it took in Nov 2019.”

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But he adds: “Whilst there will be pressure on prices over the next 12 to 24 months, the picture is not straightforward. There are high equity and low mortgage debt levels in many regions, particularly London and the South East, which will create a cushion, limiting price falls.”

Colin Bradshaw, Managing Director of TwentyCi, says: “There are adverse factors impacting the UK property market with a long-time frame for things to play out, but we are not seeing any form of collapse currently.”