The number of homes coming onto the market rose sharply in January, according to new research published by Propertymark.
Data collected from its members shows an average 80% increase in new instructions per branch, up to 9 in January from 5 in December. The increase comes after three months of decline.
Registrations by house hunters also rose by an average of 100 per member branch, double December’s figure. The number of prospective buyers fell by more than a quarter (28%) in the final three months of 2021.
Prices remained strong with 37% of available properties selling above the asking price in January, up on December’s figure of 25% and 9% in January last year.
Nathan Emerson, Propertymark CEO, commented:
“Our latest Housing Market Report paints the positive picture that our member agents have been hoping for, which is the much-needed increase in the number of properties coming to the market.
There is certainly no let-up in demand, but the supply line appears to be recovering at a quicker pace and edging towards a rebalancing of the market.
This is welcome news on the back of stock levels that had declined to record lows throughout last year against the backdrop of escalating demand.
Our figures coupled with those published elsewhere do also point to a slight cooling in house price rises.
But we remain in a strong sellers’ market and anyone thinking about selling should act now with confidence as we head towards spring which is traditionally a busy time.”
Mary-Lou Press, Partner at Alexander Reid & Frazer took on 20 new instructions in just three weeks in January and two developments of 22 new-build homes.
An offer was accepted on one property in just two days at £10,000 over the asking price with 16 of the new-build homes also sold in just two days.
Press commented:
“We’d been listing between 8 and 10 properties a month between October and December last year so were not expecting this sudden increase in new instructions.
There is still huge demand there for all house types, from all buyer types, whether that’s first time buyers, investors or retirees. They’re not hanging around and our sale agreed times are ranging from as little as two days to two weeks. I had a viewing request for one property within 10 minutes of listing it.”
Propertymark’s Housing Market Report also shows the average number of properties available per agency branch in January remained at an historic low of 19 and the number of prospective buyers per member agent branch was at an historic high of 29.
The number of sales agreed in January was up by 40% month-on-month but down 30% compared to January 2021. Purchases by first-time buyers made up 29% of sales in January, up 107% from December and up 26% on January 2021.
