The number of homes estate agents have for sale slumps to all-time low

The number of homes estate agents typically have for sale has dropped to the lowest on record following a “frenzied” 18 months, Rightmove report.

According to the property portal, estate agents had an average of 28 homes per branch on their books 12 months ago, but now this average has halved to just 14.

But while fully available stock for sale has hit a new record low this month, valuation requests from home-owners are 19% up on this time a year ago, suggesting more people will be looking to move home in the coming months.

Strong buyer demand is carrying forward into 2022, with November showing buyer numbers 41% up on election-subdued 2019, and still 3% up on booming 2020

With two months of data yet to be reported, 2021 has already seen the highest level of completed home sales since 2007, and Rightmove expects 1.5 million for the full year:

Some 70% properties advertised on Rightmove are currently marked as sold subject to contract, compared to just two out of ten back in 2012, underpinning our prediction of a further 5% price rise in 2022.

Despite the supply-demand imbalance in the market, the average price of a property fell by 0.7%, £2,234, this month.

Across Britain, the average asking price is £340,167, marking a 0.7% fall compared with November, Rightmove said.

Asking prices in December are 6.3% higher than a year ago, on average – and Rightmove predicts prices could rise by another 5% next year.

Tim Bannister, Rightmove’s director of property data, commented: “While the pandemic is still having an ever-changing impact on society as we head into the new year, we expect a housing market moving closer to normal during the course of 2022. A return to a less frenetic market due to more choice, and forecast slightly higher interest rates, will suit many movers who have held back during the last 18 hectic months.

“With a jump in the number of owners requesting valuations from agents with a view to marketing their homes, it looks like many of this group are now gearing up to make it a new year resolution to move, so more buyer choice could now be on the cards.”


Property industry reaction to Rightmove House Price Index

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One Comment

  1. Malcolm Egerton

    It’s at times like this that proper review management comes into its own. I see more businesses – like the advertiser on the right – being sucked in by Trustpilot. Have people not heard of Helphound?


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