January sees market uptick

The average number of new prospective buyers registered per member branch rose from 39 in December to 70 in January. This jump in demand is a regular seasonal trend and suggests buyers have been waiting in the wings to start the hunt for their ideal home in the New Year.

Housing Insight Report, January 2023.jpg

As with demand, supply also rose by 80 per cent from December to January. The average number of new instructions per member branch picked back up to nine in January, compared to just five in December.

The average number of viewings per property also rose in January compared to December. The average last month was 2.9 compared to a December low of 1.8.

January’s market has picked up pace with Propertymark estate agents reporting sales agreed up 50 per cent from December. Serious buyers are still very much in the market, but more homes are coming up for sale, meaning competition is considerably lower that what we have previously seen. This provides buyers with all important purchasing power, but sellers are still comfortably gaining with prices still higher than pre-pandemic levels.

The number of applicants looking for to rental property rose sharply in January, and although we have seen a slight increase in the number of
properties available per member branch, it is nowhere near enough to keep in line with high demand.

Nathan Emerson.jpg
Nathan Emerson CEO | Propertymark

As with demand from homebuyers, those looking to rent also rose sharply in January compared to the December lows. 108 new applicants registered per member branch on average in January, compared to just 64 in December. 108 is only nine per cent lower than the figure in January 2022, suggesting demand remains strong in light of recent price increases.

Download the full report