Number of homes under offer rises despite market unce...

The number of properties listed as sold subject to contract (SSTC) has increased by 5% so far this year versus the closing stages of 2022.

It comes amid fears of a market slowdown this year.

Agency comparison website GetAgent analysed current property market listings, looking at the volume of homes to have already been sold subject to contract and how this differs when compared to last December.

The research shows that across England, 289,347 properties are currently listed as SSTC.

This is 13,967 more homes potentially sold when compared to December, a boost of 5.1% in market activity.

The equivalent figure this time last year was a decline of 6%.

However, the 289,347 current properties marked as SSTC still sits some way below the 368,360 seen in March 2022.

Estate agents have been working the hardest in Wiltshire, where there has been a 44% increase in the number of homes listed as SSTC when compared to the end of last year.

West Sussex has also seen a notable increase, with 42% more homes securing a buyer.

In contrast, Bedfordshire, London and the Isle of Wighthave seen the largest reductions in the number of homes reaching the SSTC stage versus the closing month of 2022.

Mal McCallion , chief operating officer for GetAgent.co.uk, said: “While the market has been cooling in recent months, agents up and down the nation have been reporting a strong start to 2023 and it certainly seems as though this initial interest from buyers is now starting to convert, with a higher number of homes being marked as sold subject to contract.

“Of course, while the nation’s estate agents have been working hard to achieve this, the job certainly isn’t finished, and the focus now is to ensure that these sales make it over the line in what has become a slightly more challenging landscape.

“However, a surge in market activity when compared to the latter stages of 2022 bodes well for the year ahead and should bring reassurance to agents that it’s business as usual.”