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Demand for housing remains high, say estate agents
Supply of new homes onto the market remains low, putting upwards pressure on house prices
Estate agents had an average 22 properties up for sale per branch, according to members of Propertymark.
The trade body for estate agents said this was in line with the last three months, but down by 56% compared to the pre-pandemic average.
High demand
Competition for those properties remains high, with 78 per cent of estate agents saying that most sales were agreed at or above the original asking price.
Demand is also strong with 90 new potential buyers registering at each member branch last month.
However, only nine sales per month are being agreed on average by estate agents, held back by the lack of supply on the market.
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Nathan Emerson, CEO of Propertymark, said: “Despite a continued rise in the cost of living, interest rate rises, and the average price of a home in the UK falling just shy of £300,000, agents continue to report a strong, stable market.
“Due to other potential interest rate rises in the future, buyers are snapping up properties quickly and taking advantage of current mortgage rates. We expect these pressures to start to slow the housing market down but there are no signs of that happening any time soon.”