Despite much talk of a supply-side shortage, the amount and value of the property currently on the market is still considerable
There is a staggering £117 billion worth of property currently up for sale across the UK property market, according to new research by estate agent comparison site GetAgent.
The website examined the level of available property stock currently listed for sale across every British postcode, and also the value these homes were listed for, to highlight the total value of bricks and mortar that is currently up for grabs for the UK’s homebuyers.
Despite much talk of a supply-side shortage, the amount and value of the property currently on the market is still considerable.
It’s the E17 postcode of Waltham Forest that has the highest stock levels, with 1,704 homes currently listed on the market. Five other London postcodes also make the top 10.
Away from the capital, it’s Brighton’s BN3 postcode that plays host to the largest level of property market supply, with 1,360 homes listed, while the CM1 postcode in Chelmsford, Essex, also places high with 1,065 properties for sale. Just below the 1,000 mark, but still with good levels of supply, are the LU7 postcode in Bedfordshire (954), GU22 in Woking (944) and BN1 in Brighton (944).
When it comes to the total market value of current for sale stock, it’s the SW1 postcode in Central London that wins out, with the 475 homes listed for sale on the market having a total value of nearly £1.1 billion.
Wandsworth’s SW11 postcode is in second place with current for sale stock totalling a market value of more than £1 billion, while Waltham Forest (£840 million), Camden (£798.2 million), Hammersmith and Fulham (788.1 million), Croydon (£680 million), Tower Hamlets (£599.9 million) and Hackney (£933.9 million) also in the top 10.
Outside of London, it’s again Brighton’s BN3 postcode that leads the way. The current for sale stock in the seaside town is worth £750.5 million in the current market.
The only other area outside of London to make the list is the GU22 postcode in Woking, where homes currently for sale command a total value of £575.1 million.
The housing market is yet to show any signs of running low on steam and it seems as though every week there are reports of property values reaching new record highs, Colby Short, co-founder and CEO of Get Agent, said.
He said: This house price performance is being driven by a sustained level of market activity from the nation’s homebuyers and this demand, coupled with a lack of stock, is the driving factor behind house price inflation.