This means that agents have an average of 29 buyers for every available property per branch, which is a 21 per cent increase in competition from October.
The average number of house hunters registered per branch stood at 571 in November, a figure that has been climbing since June 2021. Fierce competition has resulted in 38 per cent of properties sold having been agreed for more than the original asking price.
The average number of sales agreed per branch fell slightly to 7 in November, from October’s figure of 8. This figure is almost half of the sales agreed last year which stood at 13 for November 2020. However, looking back over the past five years, seven is the average number of sales agreed for the month of November.
38 per cent of properties sold for more than the original asking price. This is an increase from October when 21 per cent of properties sold for more than the original asking price, and continues the trend of a strong sellers’ market. It is also almost four times higher than the 2020 figure when just 10 per cent of properties sold for over the asking price.
The number of sales made to FTBs rose to 29 per cent in November from October’s figure of 25 per cent.