Propertymark – Mortgage Finance Gazette
The average number of new prospective home buyers registered per member branch rose from 39 in December to 70 last month, according to the estate agent’s body January Housing Insights report.
It adds: “This jump in demand is a regular seasonal trend and suggests buyers have been waiting in the wings to start the hunt for their ideal home in the New Year.”
The average number of viewings per property lifted to an average of 2.9 in January, compared to 1.8 the month before.
The supply of homes on the market jumped by 80%, with the average number of new instructions per member branch picking back up to nine in January, compared to just five the previous month.
The average number of sales agreed per member branch rose to six last month compared to a December low of four.
In January, 73% of responding agents reported that most sales were agreed below the asking price.
For lettings, 108 new applicants registered per member branch on average last month, compared to just 64 in December.
The index adds that “108 is only 9% lower than the figure in January 2022, suggesting demand remains strong in light of recent price increases”.
The number of properties available to rent per member branch remained steady at 10 in January.
But, the survey points out, “the steady state of supply cannot match rising demand, with an average of 11 prospective tenants registering for every available property in January”.
It adds that 52% of member agents reported rents remaining the same month-on-month on average at their branch in January.
Propertymark chief executive Nathan Emerson says: “January’s market has picked up pace with Propertymark estate agents reporting sales agreed up 50% from December.
“Serious buyers are still very much in the market, but more homes are coming up for sale, meaning competition is considerably lower than what we have previously seen.
“This provides buyers with all important purchasing power, but sellers are still comfortably gaining with prices still higher than pre-pandemic levels.
“The number of applicants looking for rental property rose sharply in January, and although we have seen a slight increase in the number of properties available per member branch, it is nowhere near enough to keep in line with high demand.”