Housing stock down 40% since January
Estate agent body, Propertymark, has released worrying data showing the scale of the decline in houses coming onto the market.
According to research from Propertymark, the housing stock has been steadily declining since January - with the average estate agency branch having approximately 23 properties, a 38% decrease from June 2020 and June 2019 and a 40% decrease since January 2021.
However, demand remains high with around 19 buyers per property prompting the body to warn that the market desperately needs more stock. This morning's figures also show 40% of houses are selling for over the asking price, so why in such a strong sellers’ market are people so reluctant to sell?
Nathan Emerson, Propertymark CEO, explains: “Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go.
“Firstly, if you are serious about buying in the current market it’s all about being in a position to proceed. Very few people can buy without selling, so having a buyer waiting gives you an edge over those you may be competing with. If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer. It’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange, that’s 4 months and the likelihood of not finding an onward property in that time is very small.”
SOURCE: Property Reporter