Home sellers sitting tight as stock levels drop -12.5% so far in 2022

Despite a drop in the average number of homes listed for sale per estate agency branch across Britain as a whole, the latest data released by estate agent comparison site, GetAgent.co.uk, has provided some insights into which postcodes are currently ranking as the nation’s home selling hotspots.

The data collated has been pulled from all the major property listing portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents to see where sellers are most active, what price they are selling for, and the amount they are pocketing once sold.

Co-founder and chief executive officer of GetAgent.co.uk, Colby Short, commented: “We’re starting to see strong signs that the heightened levels of market activity driven by the nation’s homebuyers is now starting to subside ever so slightly, most notably by way of a reduction in mortgage approvals.”

“As our analysis shows, there has also been a reduction in market activity on the side of the nation’s sellers so far this year, with available stock levels dwindling quite significantly in some areas.”

Short concluded: “Of course, with the market already suffering from a drought of its own with respect to available stock, a further reduction should ensure that the scales of supply and demand remain out of balance. As a result, property values are likely to remain robust despite the wider pressure of a cost-of-living crisis.”

The study’s results look at the average number of properties listed for sale per branch in every postcode across Britain so far this year, as well as how this level of for-sale stock has changed when compared to the buoyant market conditions seen in 2021.

Underperforming postcodes – revealed

Across Britain, the manic market conditions of the pandemic property market boom have started to subside. Thus far in 2022, there has been an average of 7.3 homes listed per estate agency branch across Britain, a -12.5% drop when compared to the 2021 average of 8.4.

The data also shows that the Exeter postcode of EX38 has witnessed the most significant reduction in market activity, with just one home listed for sale per agency branch versus 14.3 in 2021 – a painful 93% drop.

In the LL15 postcode of Denbighshire, the average estate agency branch has plummeted by 92.6% in listing levels so far in 2022, down to just 1.7 per branch versus 22.7 in 2021.

So far this year, the ST13 postcode in Staffordshire (-89%), IV36 in Moray (-87.8%), and YO43 in East Riding of Yorkshire (-83.9%) have also seen some of the largest reductions in listing activity.

The hotspots – revealed

Fortunately, there are some agents that are still feeling the heat of the pandemic property market boom.

In the BB5 postcode of Hyndburn, the average agent is listing 12.8 homes per branch, a 635.6% increase versus that in 2021.

The Vale of White Horse has also enjoyed a boost, where the average branch in the SN7 postcode has seen a 430.9% increase in homes listed for sale.

The G65 postcode of North Lanarkshire (+351.9%), S18 in North East Derbyshire (+338%), and South Ayrshire’s KA26 postcode (+300%) have all also seen some of the most substantial increases in stock for sale per estate agency branch.