Despite the cost-of-living crisis, inflation, and rising interest rates, the public remain convinced that now is a good time to buy, according to Propertymark.
As a result of this high demand, properties currently being brought onto the market are 115% more likely to sell than they were in the month of April from 2012-2021.
The average number of properties for sale per member branch in April was 20. With very little movement in the number of properties available for purchase over the last year, numbers remain low compared to the long run average for April of 42 (based on 2012-2021 figures, excluding 2020).
Demand remained high in April with 39% of respondents telling us that most sales in April were agreed above the original asking price.
“The average number of new potential buyers registering at each member branch remained high at 100.
There were nine sales agreed on average per member branch in April compared to the December low of only five.
This figure is lower than the peak during the stamp duty holiday of 2020–21 in which we saw highs of 14 sales per branch in one month; however, it is in line with the long-term average for April of eight (based on 2012–21 figures, excluding 2020).
The average percentage of stock sold in April over the past 10 years is 20%, meaning one in five would sell per month (average eight sold with 42 available).
In April this year the figure was 43% (or two in five)—a 115% increase in sales given the level of stock. This only reveals further that demand remains high. Even as supply is historically low, actual sales agreed remains at the long-term average.
Nathan Emerson, CEO Propertymark, said: “With less properties available to buy, it wouldn’t be illogical to assume that estate agents would be witnessing less sales being agreed.
“However, the number of sales agreed remains steady when compared with long term trends and agents report that sellers were 115% more likely to sell their home in April.
“This is due to the desire to buy a home remaining strong, and although the heights of prices being achieved may well start to cool, this trend is unlikely to change by a great deal.”
