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Rise in supply of homes on the market

Christina Hoghton
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Christina Hoghton

There’s been a boost in the number of homes for sale, but sales agreed are down year on year

Estate agents reported having an average of 35 homes for sale per branch in March, said Propertymark, a 29% increase on last March.

It’s also the highest level since January 2021, when the figure sat at 38, and the highest March figure since 2019.

The trade body for estate agents added that the market has been ‘plagued by a vast under supply of homes’ compared with buyer demand in the past three years, which has underpinned climbing house prices.

Viewings of homes for sale are also up by 21 per cent compared to February, at 3.2 per property, although they are down significantly from over six viewings per property a year ago.

Sales agreed remained at eight per branch, in line with the average for March in the pre-pandemic period, but down compared to a year ago.

In March, 75% of agents also reported that most sales were agreed below the asking price.

Nathan Emerson, CEO of Propertymark, said: “The increase in sellers joining the market shows us that trust is till there. We have seen positive activity in February and March and expect it to continue into April.

“Buyer affordability has stabilised, and it’s hoped by professionals that interest rates will stay steady throughout 2023. Prices are holding firm with a little negotiation back on the table meaning both sellers and buyers feel they are getting their monies worth.”

“Since the beginning of the year, the average number of new buyers registering per branch has also risen, increasing by a third and the number of valuations agents are being invited to has increased by 13 per cent.”