Housing supply bounces back

HOUSING REPORT: The average number of properties listed per member agent branch has risen — from 19 in January to 23 in February, the highest it’s been for five months.

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Property sales

The number of offers accepted at over the asking price has increased by two per cent month-on-month to 39 per cent. That is the highest figure since June last year. Sales agreed per member branch are at the highest number since October 2021.

First-time buyers

The proportion of monthly sales to first-time buyers has reached their highest point since June 2000, accounting for 37 per cent of overall sales in February. This is up on January’s figure of 29 per cent.

Housing demand

With an average of 23 homes per member branch and 590 registered house hunters, an average branch has a ratio of 26 potential buyers for every available property.

It’s positive to see more properties entering the market. The number of new buyers wanting to register is easing, but agents’ books are still bursting with those who have missed out on previous properties. 

The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.

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Nathan Emerson CEO | Propertymark
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