According to September’s Housing Insight Report produced by Propertymark, we have learnt;
Homes for sale increase by 50 per cent
Since April, the number of homes for sale per member branch has risen from 20 to 30—an increase of 50 per cent. The number of new applicants registering per member branch held steady at 83 in September up from the summer dip and what we would expect in the Autumn market. The number of agents reporting average price agreed at or above asking price has fallen to 48 per cent,
suggesting some of the intense heat is coming out of the market. But this is also well above the pre-pandemic average of only 22 per cent.
Autumn market shows resilience
The number of new buyers registering per member branch in September held at 83 (very similar to last month). Numbers registering were up slightly last month over July, indicating the start of an uptick for the autumn season. While the pickup has held, it has not increased any further, suggesting there may be some hesitancy among new buyers given rising interest rates.
Supply on the rise
New instructions were up slightly to an average of 12 per member branch in September, having remained fairly steady since January. The average number of properties available to buy per member branch rose to 30 in September. The total number has been on the rise since April and represents a 50 per cent increase over the period
Demand and supply starting to re-balance
52 per cent of branches had most sales completed below asking price in September. This compares to a low of just 15 per cent in March. This still leaves 48 per cent of sales agreed at or above asking price and compares to a pre-pandemic average for sales below asking price at 78 per cent (2015–2020). The extreme pressure may be coming off the market, but it has a long way to go yet before we see it return to normal.