Housing markets face inventory and demand shifts in New Zealand and UK

Housing markets in New Zealand and the United Kingdom are experiencing periods of caution and high inventory. In New Zealand, residential property stock reached a 12-year high in July, with Realestate.co.nz reporting 33,252 properties for sale, a 9.3% increase from the previous year. The number of unsold properties remaining on the market for more than a month also rose by 12.6% year-on-year. While sales volumes fell by 3.6% in July, new listings remained relatively flat.

In the United Kingdom, Propertymark reported a dip in buyer registrations during June. The average number of new prospective buyers per estate agency branch fell as financial pressures, including energy costs and inflation, continue to impact households. The report noted a significant decline in mortgage approvals and overall mortgage lending volumes. Conversely, the UK rental market remains tight, with demand outstripping supply at a ratio of nine applicants for every available property.