Market shelves drop to an all-time low!
The number of homes estate agents typically have for sale has dropped to the lowest on record following a “frenzied” 18 months, Rightmove report.
According to the property portal, estate agents had an average of 28 homes per branch on their books 12 months ago, but now this average has halved to just 14.
Valuation requests from homeowners are 19% up on this time a year ago, suggesting more people will be looking to move home in the coming months. Again, with the uncertainty of COVID-19 over the Christmas period, it looks like many homeowners are waiting for clarification on how the beginning of 2022 will take shape.
With the cost of renting soaring past the price of the typical mortgage payment there has been an increase of people taking the step onto the property ladder. Strong buyer demand will carry forward into 2022, with November showing buyer numbers 41% up on election-subdued 2019, and still 3% up on booming 2020.
With two months of data yet to be reported, 2021 has already seen the highest level of completed home sales since 2007, and Rightmove expects 1.5 million for the full year.
Almost 70% of properties advertised on Rightmove are currently marked as sold subject to contract, compared to just two out of ten back in 2012. Despite the supply-demand imbalance in the market, interestingly the average price of a property fell by 0.7%, £2,234, this month!
Across Britain, the average asking price is £340,167, marking a 0.7% fall compared with November, Rightmove said.
Tim Bannister, Rightmove’s director of property data, commented: “While the pandemic is still having an ever-changing impact on society as we head into the new year, we expect a housing market moving closer to normal during 2022. A return to a less frenetic market due to more choice, and forecast slightly higher interest rates, will suit many movers who have held back during the last 18 hectic months.
“With a jump in the number of owners requesting valuations from agents with a view to marketing their homes, it looks like many of this group are now gearing up to make it a new year resolution to move, so more buyer choice could now be on the cards.”
Wilsons register of homes for sale is also at its lowest ever, SOLD prices have never been higher, so if YOU are thinking of selling soon - Call us First! We take pride in selling your home and aim to provide the finest service whilst doing so.