Competition has dropped by over a third, from a high of 11 new buyers to every new property instructed to just 7 buyers to every new property for sale in a member branch, marking a retreat from the frenetic seller's market we have seen this year to seeing buyers gaining a little more control over pricing.
Buyers who were caught in bidding wars are now back in the driving seat as the total available properties on the market continue to rise to an average of 33 properties per estate agent branch. That is a 74 per cent increase in homes to choose from since the start of the year.
For lettings, the average number of new prospective tenants registered per member branch remained low in November, while the number of available properties rose slightly. The rise in supply over demand has reduced pressure on rents, with the number of agents reporting month-on-month rent price rises falling below 50 per cent for the first time since February 2021.
Nathan Emerson CEO Propertymark comments: "The sales market is firmly back in the hands of buyers who have been on the back foot for 18 months. More property is available but the competition between those looking has cooled substantially. For those motivated to sell, good, solid buyers are still prominent.
"As for lettings, we are starting to seeing a decrease in demand, the knock-on effect is that less agents are seeing rent rises. It’s possible that prices have peaked, and landlords are well aware that any more rises won’t necessarily be achieved. This is not all good news, however, as landlord's costs are still rising, leaving many facing a very real possibility of making a loss."
