Buyer demand and property supply
Over a 12-month period from January to December, there was an average of 459 potential buyers registered per member branch. This made 2021 the busiest year for house hunters since 2004, where the 12-month average was 475.
January 2021 began with a rush of new properties, with 38 homes per member branch on average. January, May, October and November were the busiest months for potential buyers registering with member agents. Stock levels then declined dramatically throughout the course of the year, with just 19 homes available per member branch in December.
Agreed sales
The record low of property availability per member branch towards the end of 2021 resulted in bidding wars between buyers, pushing prices higher and higher. This was a departure from properties predominantly selling for below the asking price as seen in previous years. Coupled with the extension of the stamp duty holiday, 2021 was an extraordinarily good time to sell.
2021 saw huge demand from buyers looking to change location, job, property type and size, 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."
