Buyer demand up 12% as supply falls to record low: NAEA

The number of properties available per member branch stood at just 20 in November, a continued decline from 21 in October and the lowest figure Propertymark has ever recorded.

This means there is an average of 29 buyers for every available property on the market, a 21% increase in competition from October.

The data also shows that the average number of sales agreed per estate agent 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. However, looking back over the past 5 years, 7 is the average number of sales agreed for the month of November.

In November, 38% of properties sold for more than the original asking price, an increase from October when 21% of properties sold for more than the original asking price, and continues the trend of a strong sellers’ market.

This is also almost 4 times higher than last year’s figure when just 10% of properties sold for over the asking price.

The number of sales made to first-time buyers rose to 29% in November from October’s figure of 25%.

Nathan Emerson, chief executive of Propertymark, commented: “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.”