Supply, demand and sales all pick up in January: Propertymark

The property market 'picked up pace' in January, with sales agreed up 50% from December and buyer demand up 80%, according to the latest figures from Propertymark.

The average number of new prospective buyers registered per estate agent branch rose from 39 in December to 70 in January. This jump in demand is a regular seasonal trend and suggests buyers have been waiting to start the hunt in the New Year.

Supply also rose by 80% from December to January. The average number of new instructions per member branch picked back up to nine in January, compared to just five in December.

The average number of sales agreed per branch rose to six in January compared to a December low of four.

In January, 73% of agents reported that most sales were agreed below the asking price.

Nathan Emerson, CEO of Propertymark, commented: "January’s market has picked up pace with Propertymark estate agents reporting sales agreed up 50% from December.

"Serious buyers are still very much in the market, but more homes are coming up for sale, meaning competition is considerably lower that what we have previously seen. This provides buyers with all important purchasing power, but sellers are still comfortably gaining with prices still higher than pre-pandemic levels."