There was a sharp rise in the number of homes listed for sale with estate agents in January, fresh figures from Propertymark shows.
Following three months of decline, the latest data collected from its members reveals an average 80% increase in new instructions per branch, up to nine in January from five in December.
Registrations by house hunters also rose by an average of 100 per member branch, double December’s figure. The number of prospective buyers fell by more than a quarter – 28% – in the final three months of 2021.
Property prices remained strong with 37% of available properties selling above the asking price in January, up on December’s figure of 25% and 9% in January last year.
Nathan Emerson, Propertymark CEO, said: “Our latest housing market report paints the positive picture that our member agents have been hoping for, which is the much-needed increase in the number of properties coming to the market.
“There is certainly no let-up in demand, but the supply line appears to be recovering at a quicker pace and edging towards a rebalancing of the market.
“This is welcome news on the back of stock levels that had declined to record lows throughout last year against the backdrop of escalating demand.
“Our figures coupled with those published elsewhere do also point to a slight cooling in house price rises.
“But we remain in a strong sellers’ market and anyone thinking about selling should act now with confidence as we head towards spring which is traditionally a busy time.”
Propertymark’s latest housing market report also shows the average number of properties available per agency branch in January remained at an historic low of 19 and the number of prospective buyers per member agent branch was at an historic high of 29.
The number of sales agreed in January was up by 40% month-on-month but down 30% compared to January 2021.
Purchases by first-time buyers made up 29% of sales in January, up 107% from December and up 26% on January 2021.
You can download a copy of the housing market report in full by clicking here.