The latest insight report devised by Propertymark has been released and has revealed that demand for properties is increasing, as the market shows signs of recovery.
The data indicates that the average number of new potential buyers registered per member branch rose to 70 in January 2023, from 39 in December 2022. The obvious jump is demand is a regularly seasonal trend and suggests that buyers have waited until the New Year to begin hunting for their forever home.
As demand has increase, properties are seeing more prospective buyers view them. The average number of viewings in January 2023 was 2.9, compared to December where the figure stood at 1.9
Buyers may start to feel relief as housing supply has improved also. Stock levels increased by 80% from December to January. The average number of new properties per member branch increased to nine in January, compared to five in December.
Nathan Emerson, CEO of Propertymark, commented: “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.”
The positive change in the property market has come after a 30.5% drop in UK house sales according to research.
Sales volumes were analysed by the Land Registry over the last 12 months up to September 2022 and results discovered was that there have been 843,600 sales transactions completed across the UK.
This marks a drop of 30.5% compared with the previous 12 months during which there was 1.2m sales.
One Scottish city was the only place that reported an increase in transactions over the last 12 months to September 2022.
Self-employed agency brand eXp conducted a regional analysis of the UK housing market and found that the East of England saw the biggest decrease where the annual figure decreased by 37.3%, from 125,808 to 78,887.
Head of eXp UK, Adam Day, said: “The UK’s housing market has cooled slightly in the past year. Buyers have been cautious in the face of economic uncertainty, and this has understandably contributed to a decline in the number of homes sold.
“But it’s also important to note that there was an incredible surge in market activity during the peak of the pandemic and so while this decline in transactions may seem drastic, it’s really a return to normality.
“There remains a strong level of buyer activity across the market and house prices have not tumbled in the way many predicted they would. The current outlook for the market is also far brighter than it was just a few months ago and so those predicting a property market crash are likely to be disappointed come the end of the year.”