Property sales
The number of offers accepted at over the asking price has increased by two per cent month-on-month to 39 per cent. That is the highest figure since June last year. Sales agreed per member branch are at the highest number since October 2021.
First-time buyers
The proportion of monthly sales to first-time buyers has reached their highest point since June 2000, accounting for 37 per cent of overall sales in February. This is up on January’s figure of 29 per cent.
Housing demand
With an average of 23 homes per member branch and 590 registered house hunters, an average branch has a ratio of 26 potential buyers for every available property.
It’s positive to see more properties entering the market. The number of new buyers wanting to register is easing, but agents’ books are still bursting with those who have missed out on previous properties.
The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.
