The last Propertymark housing market snapshot for 2021, based on date from the end of November, finds that there is an average of 29 buyers for every available home.
In terms of demand, the average number of house hunters registered per estate agent branch stood at 571 in November, a figure that has been climbing since June 2021 and is an increase of 12 per cent from October.
Meanwhile the number of properties available per member branch stood at just 20 in November, a continued decline from 21 in October; this is 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 per cent increase in competition from October
The average number of sales agreed per estate agent branch fell slightly to seven in November, from October’s figure of eight.
Year-on-year, this figure is almost half of the sales agreed which stood at 13 for November 2020, a year ago. However, looking back over the past five years, seven is the average number of sales agreed for the month of November
In November, 38 per cent of properties sold for more than the original asking price. This is an increase from October when 21 per cent of properties sold for more than the original asking price, and continues the trend of a strong sellers’ market
The number of sales made to first time buyers rose to 29 per cent in November from October’s figure of 25 per cent
Nathan Emerson, the chief executive of Propertymark, comments: “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.”