Propertymark’s latest analysis of February’s market activity reveals a slightly rosier picture for the property pipeline as we move into the spring months.
The report shows that the average number of properties listed per Propertymark member agent branch increased by 21%, whereas sales agreed are up from seven per branch in January to eight in February — the highest since October 2021.
The proportion of monthly sales to first time buyers have reached their highest point since June 2000, accounting for 37% of overall sales in February. This is up on January’s figure of 29%.
The number of offers accepted at over the asking price has also increased by two per cent month-on-month to 39%. That is the highest figure since June last year. 41% of sales were agreed at the original asking price, whilst just 20% of buyers got bargains at below the asking price.
Buyer demand remains strong, with 590 house hunters registered per branch in February. Although the average number of new buyers registering at each member branch was down to 67 from 100 the previous month, the total number of registered buyers on books was an average of 590 per member branch — up from 552 in January. With an average of 23 homes per member branch and 590 registered house hunters, Propertymark calculates that an average branch has a ratio of 26 potential buyers for every available property.
Nathan Emerson, Chief Executive, Propertymark comments:
“It’s very positive to see more properties entering the market. The number of new buyers wanting to register is starting to ease, but agents’ books are still bursting with those still waiting in the wings who have missed out on previous properties.
The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.”
