The number of homes hitting the UK property market that were previously rented has soared to its highest level in a decade, according to recent data from property market analysts TwentyEA. In the third quarter of 2024, 11% of all newly listed properties had been available to rent within the past three years, up from 6% during the same period in 2023 and 8% in 2019.

In total, 456,902 properties were listed for sale across the UK in Q3 2024, with 51,684 of them previously having been let. This rise marks a significant shift in the housing market, with experts noting the influx of former rental properties across all regions.

The trend was particularly pronounced in inner London, where 47% of all new listings had been rented in the past three years, a sharp rise from 27% the previous year. However, the increase was not limited to the capital; regions across the UK saw a boost in former rental properties being sold during the summer months compared to Q3 2023.

The only regions to buck this trend, compared to the last ‘normal’ market in 2019, were Scotland and Wales, which did not experience the same level of uplift in formerly rented homes for sale.

Sales Contracts Surge as Market Defies Election Uncertainty

Despite concerns about potential impacts from the general election, property sales have continued to rise, with a notable 23% jump in sales subject to contract (SSTC) compared to the same period last year. A total of 332,200 properties went under offer in Q3 2024, a figure suggesting robust demand and sustained growth in transactions heading into 2025.

The East of England and East Midlands saw the highest increases in sales agreed, both registering a 28% rise. Cities such as Southampton, Peterborough, and Birmingham also recorded significant gains.

Meanwhile, the overall supply of properties for sale has reached its highest level in six years, with 456,902 homes listed in Q3 2024, reflecting a 9% increase from the 419,807 properties listed in the same quarter last year. This growing supply, combined with rising sales, indicates a market that remains resilient despite economic and political uncertainties.