Propertymark issues its Housing Insight Report for January 2023

Propertymark issues its Housing Insight Report for January 2023, which shows that the number of sales agreed has increased by 50%.

Key findings:

80%

increase in buyer demand from December to January

50%

increase in the number of sales agreed from December to January

11

prospective tenants register in member branches for each available property

52%

of member agents report month-on-month rents remaining the same on average at their branch

 

Sales:

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.
    • 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.
    • 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 sales agreed per member branch rose to six in January compared to a December low of four.
    • In January, 73 per cent of responding agents reported that most sales were agreed below the asking price.
Lettings:

January sees usual rise in demand

    • 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.
    • The number of properties available to rent per member branch remained steady at 10 in January.
    • However, the steady state of supply cannot match rising demand, with an average of 11 prospective tenants registering for every available property in January.
    • 52 per cent of member agents reported rents remaining the same month-on-month on average at their branch in January.

Propertymark issues its Housing Insight Report for January 2023

Nathan Emerson

Nathan Emerson, CEO, Propertymark, comments:

“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.”

 

See the full Propertymark Housing Market Insight Report for January here.

 

Kindly shared by Propertymark

Main photo courtesy of Pixabay