Increase in housing supply leads to rise in agreed sales

Although estate agents’ stock is still historically low, there was an increase in the number of new properties coming to the market last month resulting in a rise in sales being agreed, according to the latest data from Propertymark.

It revealed that despite the uptick in housing supply, it remains a seller’s market, as many buyers are still prepared to pay asking price and above to secure their dream home.

Propertymark found that the average number of new potential buyers registering at each member branch was up from 67 in February to 84 in March, returning close to the January high of 100.

The average number of properties listed per member agent branch remained fairly steady at 22, compared to 23 in February.

New instructions to the market continue to be high at an average of ten per member branch, showing the increase in supply since the new year has held.

Sales agreed are up from eight per branch in February to ten in March, which slightly above the long-term average for March of nine.

Meanwhile, the number of offers accepted at or over the asking price has increased by four percentage points month-on-month to 84%. That is the highest figure since Propertymark surveys began.

The report also shows that the proportion of monthly sales to first-time buyers stayed strong at almost a third – 30% – of overall sales in March. While it represented a marginal decline on February’s figure of 37%, it was above average for the post-2020 lockdown period when it stood at 25%.

Nathan Emerson, CEO of Propertymark, said: “Our March figures show a range of new activity as the spring market makes itself known. The number of new properties coming on to the market has increased slightly and new stock breeds new buyers and new sales.”

“The number of sales being agreed in March is slightly above our recorded long-term average and the uplift in properties coming to market is a trend we would hope to see continue into April and May.”

 

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