Buyer frustration is building due to a continuing lack of stock for sale, Chestertons has warned.
New data released by the agent shows that in January, there were 25% fewer properties sold compared to a year ago and a 6% drop in the number of new properties coming to the market.
However, the brand said many buyers are holding their nerve and the overall number of property viewings that the agency carried out was 1.5% higher than in January 2022.
The number of transactions falling through, after an offer had been accepted, dropped by over 20%, the agent said.
Matt Thompson, Chestertons’ head of sales, said: “With fewer properties coming onto the market at the moment, we are sensing a degree of ‘buyer frustration’ starting to build, especially amongst those who are keen to move as soon as possible for personal or financial reasons.
"There are also a substantial number of buyers hoping to get ahead of the market and beat the rush by getting out on viewings and making offers now, before the market gets more competitive later this year.”
Stamp duty rebates and cash to improve energy efficiency are being...
Touching tributes have been paid to long-standing estate agency franchisee Camran...
The fast-growing high profile Hat and Home agency has joined the...
The Propertymark Trust has launched Prop X, its first-ever fundraising event,...
We all know that first-time buyers have had a tough time...
There was a long-awaited return to the House of Commons this...
Last weekend a story by The Sunday Times’ Deputy Political Editor...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
Interesting report this week in Estate Agent Today on an analysis...
An anti-money laundering (AML) expert has queried why there is a...
When we talk in general terms about the UK housing market,...
The Law Society is facing backlash from conveyancers after issuing new...
An anti-money laundering (AML) expert has queried why there is a...
A new analysis of the cost-of-moving suggests that the typical seller...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you and what does it say on your...
.jpg){kind=avatar}
Join the conversation
Jump to latest comment and add your reply
In my patch of the north-west, supply has almost trebled (based on Rightmove listings) since last August and now there is considerable choice across the price spectrum. Around 40% are listed as reduced and my unscientific estimate (based on tracking a few properties) suggests the reductions to be in the region of 5%.
Please login to comment