Thursday, July 7, 2022
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.


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