Wednesday, October 20, 2021
Real EstateUK

Housing stock declines 40% since January

Housing stock

The average number of prospective buyers registered per branch was 426 in June, down from 506 in May

The average estate agent had a stock of nearly 23 properties in June 2021, a 38% decline from June 2020 and June 2019, and a 40% drop since January 2021, according to a report released by Propertymark.

However, demand remains high, with approximately 19 buyers per property.

Propertymark also found that 40% of houses are selling for over the asking price compared with 33% in May.

The average number of sales agreed dropped from 12 in May to 11 in June; however, this is the highest for the month of June in four years.

The number of sales made to first-time buyers (FTBs) was 27% in June, the same figure as in March.

The average number of prospective buyers registered per branch was 426 in June, down from 506 in May, but in line with the figure of 427 in April.

Nathan Emerson, CEO of Propertymark, said: Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go. Firstly, if you are serious about buying in the current market it’s all about being in a position to proceed.

Very few people can buy without selling, so having a buyer waiting gives you an edge over those you may be competing with. If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer, he said.

He said it’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange, that’s four months and the likelihood of not finding an onward property in that time is very small.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

four × five =