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Buyers 'frustrated' by lack of agency stock

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.”

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    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%.


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