The latest figures released by NAEA Propertymark have shown that January started with a rush of new properties, bringing with it a rush of new house hunters. Throughout the year, January, May, October and November were the busiest months for potential buyers registering with member agents.
However, stock levels have declined dramatically despite a small peak in July, ending the year with just 19 homes per branch, exactly 50 per cent less. This is a record low and the inability to meet buyer demand has meant that those homes for sale have attracted bidding wars, pushing prices high.
March, April and May were the best performing months for agreeing sales, at an average of 12 per month per member branch, a figure that has not been seen for those months since 2007. January through to September were all also consistently busy with a dip into November and December.
What properties sold for
Since 2013 Propertymark’s records show sales were predominantly agreed at below asking price, meaning buyers were getting the upper hand.
However, a shift in March 2021 when the stamp duty holiday was extended, sees most homes being agreed for sale at asking price or over, making the last year an extraordinarily good time to sell. Propertymark agents have told of an increase in sealed bids in an attempt to meet the demand fairly
Nathan Emerson, Chief Executive, Propertymark comments: “2021 saw huge demand from buyers looking to change location, job, property type and size and driven by the search for a change of lifestyle. Traditionally the summer months hold a dip in demand but 2021 defied all rules we have become accustomed to.
“Going into 2022 the demand has continued into January but the number of homes being marketed still needs to pick up. There is a worry that although those looking to move are aware they can secure a good price for their home, with the rising cost of living, utilities and rising house prices consumer confidence is starting to take a hit."
