Octane said that the number of unmodernised properties available across England has dropped from from 36,175 to just 29,981 over the last 12 months.

Every region of England has seen a reduction in available stock over the last year.

The sharpest decline has been seen in the West Midlands, where the number of unmodernised homes available fell by 24.9%.

The North West has seen a reduction of 24.1%, whilst Yorkshire and the Humber has seen stock levels fall by 21.6%.

Despite the reduction in stock, some regions continue to offer greater levels of opportunity than others.

The South West remains home to the largest proportion of unmodernised homes currently available, accounting for 17.2% of all stock across England, followed by the South East at 16.6% and the East of England at 14.3%.

Octane said that, with supply shrinking, investors are facing greater competition for unmodernised homes that do come to market.

Octane Capital chief executive Jonathan Samuels said: “While the number of unmodernised properties coming to market has reduced, the appetite from investors certainly hasn’t, and, with fewer opportunities available, competition for the remaining stock is only likely to intensify.

“These homes continue to offer significant value-add potential, whether through refurbishment, extension, conversion, or simply bringing them back up to modern standards.

“However, many are not suitable for mainstream mortgage finance in their current condition, which means investors need access to specialist funding in order to act quickly.”

Octane analysed unmodernised property listings and annual change sourced from PropertyData from April 2025 to April 2026.