Savvy buyers snap up a Christmas bargain
The dynamics of the housing market have shifted, placing buyers in a more advantageous position after facing challenges for the past 18 months.
On the other hand, the lettings sector is witnessing a decline in demand, leading to a decrease in rent prices.
Sales Market
In today's housing market, patience seems to pay off. In November, a significant 72% of sales were agreed below the asking price. This shift can be attributed to a decrease in competition, with the number of new buyers per property dropping by more than a third. Previously, there were 11 new buyers for every new property listed, but now the ratio stands at 7 buyers per property in a member branch.
Buyers who were previously engaged in fierce bidding wars now find themselves in a more favorable position. The total number of properties available on the market continues to rise, with an average of 33 properties per estate agent branch. This represents a substantial 74% increase in housing options since the beginning of the year.
Lettings Market
Pressure on rental prices eases
In November, the average number of new prospective tenants registering with member branches remained relatively low, while the supply of available properties experienced a slight increase. This surge in supply compared to demand has alleviated pressure on rental prices. As a result, the percentage of agents reporting month-on-month rent increases has dropped below 50% for the first time since February 2021.
