There was a sharp rise in the number of homes listed for sale with estate agents in January, fresh figures from Propertymark shows.
Following three months of decline, the latest data collected from its members reveals an average 80% increase in new instructions per branch, up to nine in January from five in December.
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.
Property 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, said: “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.”
Propertymark’s latest 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.
You can download a copy of the housing market report in full by clicking here.
Another ridiculous article. How can it be in any way a surprise?! We’re coming out if a two Yr lockdown, ppl are defaulting to normal selling patterns and with the lack of supply over the passed two years, there’s folk ready and willing to come to market now that wouldn’t have done so.
Where are the bold voices that want to call the top of the market? Those that can see buying confidence will fall off a cliff this year with cost of living, rate rises, energy price cap, inflation, throw in a war in Eastern Europe? Or does this go against the corporate BS about making your own market or the market being a state of mind? Come on… There must be some folk in property who can see beyond the end of their nose and have an opinion that differs from the archiac messaging that the market is always good?
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This is not a surge in instructions. As stated it is 30% down on January last year which is the pertinent figure. December is always the quietest month of the year for instructions so to compare January‘s figures with those is really irrelevant.
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