In November, the number of buyers registered per Propertymark member branch has increased by 12 per cent from October and the supply of properties continues to fall to just 20 homes per branch – the lowest ever recorded and 50 per cent less than November 2020.
This means there is an average of 29 buyers for every available property on the market, a 21 per cent increase in competition from October.
The average number of house hunters registered per branch stood at 571 in November, a figure that has been climbing since June 2021. Fierce competition has resulted in 38 per cent of properties sold having been agreed for more than the original asking price.
The average number of sales agreed per branch fell slightly to 7 in November, from October’s figure of 8. This figure is almost half of the sales agreed last year which stood at 13 for November 2020.
The pressure on the housing market and consequently house prices, is continuing at an unrelenting rate. However, heading into December, the market should start to slow.
Those with a property to sell would be wise to act sooner rather than later as the level of demand is expected to continue into the first quarter of next year but cannot last forever.