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Housing market saw uptick in January, say estate agents

Christina Hoghton
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Christina Hoghton

January usually sees a pick up in pace for the housing market following the festive season and this year was no different

Buyer demand rose in January, said estate agents, alongside agreed sales, and supply of new homes on the market.

According to Propertymark, the estate agent association, the average number of new prospective buyers registered per member branch rose from 39 in December to 70 in January.

It said this jump in demand is a regular seasonal trend as 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.

Finally, the average number of sales agreed per member branch rose to six in January compared to a December low of four. However, three-quarters (73 per cent) of agents reported that most sales were agreed below the asking price.

Nathan Emerson, CEO of Propertymark, said: “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.”