The average volume of properties in England listed for sale month-on-month rose by 58% in 2023 compared to 2022, suggesting there’s more choice for buyers today.
The Isle of Wight (83%), Norfolk (78%) and Somerset (75%) saw the biggest increases in property listings on an annual basis.
Nick Leeming, chairman of Jackson-Stops, said, “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.
“A boost in volume gives sellers the reassurance that there are good houses to move on to, one of the main barriers for house hunters in 2022 due to chronic lack of supply.
“With the probable reduction in interest rates as inflation cools, the current market not only favours sellers but also benefits potential buyers, particularly with fixed-rate products improving and a higher rate of mortgage approvals.”
Regional hotspots
Whilst nationally, Norfolk was the county to have seen the second highest increase in sellers in 2023, it was Chelmsford that came out ‘top of the stocks’ for new listings according to its internal branch data.
Across the Jackson-Stops network, in 2023 Chelmsford in Essex saw a 79% increase in the number of listings, closely followed by Sevenoaks (70%) and Chester (54%).
David Lambert, director of Jackson-Stops Burnham Market on Norfolk: “The property market in Norfolk has remained buoyant, now reflecting a steady stream of listings, finally levelling with the demand for those seeking a taste of Norfolk living.
“The region has a great deal to offer with the city of Norwich voted one of the best places to live in the UK and the picturesque coastline providing residents with access to stunning beaches, coastal walks, sailing, and birdwatching. The extensive Norfolk Broads also offers access to one of the largest nationally protected wetlands.
“It is no surprise that we have a number of prospective buyers looking to relocate to the county. It appeals to a range of different buyers from young professionals to growing families, and retirees seeking a slower pace of life. It is truly no wonder that people are turning their attention to the east coast which can provide a peaceful retreat from bustling city life.”
