Property supply boosted by 43% compared to 2017
UK property market stock has increased 43% over the last 12 months according to new research by HouseSimple.
Chichester saw the biggest growth in newly available property at 47%, following by Durham (33%), Bootle (29%) and 24% growth in both Chester and Oldham.
In some regions, property owners are more reluctant to sell-up however, especially in more northern towns, Rochdale, Sale, Bath and Lancaster recorded the biggest fall in available property, ranging from 26% to 22% reductions.
Sam Mitchell, CEO of HouseSImple suggested that: “Seller activity has already picked up noticeably since Easter, and in the current buyer’s market, the successful seller will be the one who stands out from the crowd, whether that’s pricing their property realistically or offering a superior product to the market.”
One of the primary factors could be the increased confidence or at least familiarity with Brexit, with month-to-month available property stock falling by 23% with the invoking of article 50 around this time 12 months ago.
Some property owners improving, not moving
Despite the overall increase in available UK property stock on the market, as noted above, there are certain regions where improve, don’t move appears to be the motto as family homes in particular look to develop and expand.
Research by architecture firm Resi.co.uk, which analysed its own enquiries to analyse geographical home improvement hotspots, found that London is a key zone for house improvement. Areas such as East Dulwich, Barking and Walthamstow top the list as property owners look to increase available living space, particularly via a loft conversion, larger kitchen or garden build-out.
But more traditional northern commuter towns are also high on the enquiries list as residents of Stretford in Manchester, Yardley Wood in Birmingham and Childwall in Liverpool are looking to expand and improve what they have instead of looking to purchase something which already has the space they’re looking for.
Co-founder of Resi.co.uk, Alex Depledge, said that: Hotspots occur outside city centres in places where young families are more likely to settle,
“While many are in areas with high prices, stamp duty and a lack of available stock is forcing thousands of people in every city to build out rather than move out.”
Of the 10,000 enquiries analysed in the 17 months to March this year, the most popular requests were for ground-floor rear extensions, two-storey side extensions and lofts.