The number of properties listed ‘to let’ in the UK increased by 11.4 per cent in the second quarter of the year, compared to the same period last year, according to Experian.
The global information services co
mpany found a 2.3 per cent increase in the number of new sellers nationwide in the second quarter.
However, the analysis also found that homes falling into the more affordable price brackets fell, with 0.4 per cent fewer properties for sale under £250,000.
In contrast, there were significant increases at the higher end of the sales market with properties marketed between £250,001 and £500,000 and £500,001 plus up by 4 per cent and 14 per cent respectively.
After London, the North West stood out as the region to see the biggest retraction in affordable houses for sale in Q2 2013, compared to the same quarter in 2012, despite being the cheapest region to buy a property in the country and boasting more properties valued at under £100,000 on the market than any other region.
Jonathan Westley, Managing Director of Consumer Information Services at Experian UK & Ireland, comments: “Some lenders and estate agents are reporting improvement in the housing market, with the Council of Mortgage Lenders data showing confidence and activity growing strongly at the bottom of the property ladder.
“Our latest figures do, however, show that this trend is not being seen across the whole of the UK. In some regions, the housing market remains challenging for first time buyers, particularly in London, which is constraining activity levels for lower value properties and keeping a lid on prices in many areas. This is reflected in the surge in rental properties on the market.
“This insight into the changing face of the UK’s property market is essential for any financial services, utility or insurance company in order to truly understand the impact on credit strategies.”
Property type
Detached houses are the most frequent house type listed for sale across the UK, with a total of 55,711 detached properties for sale in the second quarter of 2013 compared to 52,165 in the same period last year, an increase of 6.8 per cent. Three bedroom houses were the most common size of home on the resale market, accounting for 38.5 per cent of all new listings.
In the rental market, flats were by far the most popular property type to rent, accounting for 46.9 per cent of all rental properties in Q2 2013, two fifths of which can be found in London; 74.0 per cent of properties on the capital’s rental market are listed as apartments. However, terraced houses saw the biggest increase nationwide from Q2 2012 to Q2 2013, up by 16.2 per cent.
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