The volume of new stock entering the market has seen a rise of just over a fifth, according to Propertymark who recorded an increase of 21% during February in the number of properties listed per member agent branch.
Propertymark says that sales have increased slightly over the month as well, with sales agreed up from 7 per branch in January to 8 in February — the highest since October 2021.
Additionally, data shows that the proportion of monthly sales to first-time buyers has reached their highest point since June 2000, accounting for 37% of overall sales in February. This is up on January’s figure of 29%
What properties sold for
39% of properties sold for over the original asking price in February. The number of offers accepted over the asking price has increased by 2% month-on-month to 39%. That is the highest figure since June last year. 41% of sales were agreed at the original asking price whilst just 20% of buyers got bargains at below the asking price.
Homes available to buy
The average number of properties listed per Propertymark member agent branch has risen — from 19 in January to 23 in February, the highest it’s been for five months. Agents report that the number of new instructions entering the market has remained steady at an average of 9 per member branch, mirroring January’s figure.
The average number of new buyers registering at each member branch was down to 67 from 100 the previous month, but the total number of registered buyers on books was an average of 590 per member branch — up from 552 in January.
With an average of 23 homes per member branch and 590 registered house hunters, an average branch has a ratio of 26 potential buyers for every available property.
Nathan Emerson, Chief Executive, Propertymark, comments: “It’s very positive to see more properties entering the market. The number of new buyers wanting to register is starting to ease, but agents’ books are still bursting with those still waiting in the wings who have missed out on previous properties.
"The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash."