Prospective buyers increase at start of 2023
Carey Gilliland, Director of Madison Oakley, takes a look at how the current increase in prospective buyers registering with estate agents, bucks the narrative from some property experts.
Despite the talking heads maintaining their air of negativity about the market, life at the property coalface in January has been much more positive. Analysing the latest reports from Propertymark (the agents industry body that conducts regular monthly surveys of its members), January saw a market uptick with the average number of new prospective buyers registered per member branch rising from 39 in December to 70 in January. This jump in demand is a regular seasonal trend and suggests buyers have indeed been waiting in the wings to start the hunt for their ideal home in the New Year.
Viewing numbers also rose 60% month on month and agents across the country reported sales agreed up 50 per cent from December. Supply levels also rose as new sellers chose to enter the market but the average number of new instructions per agents office only climbed from 5 in December to 9 in January so choice remains rather thin on the ground.
Moving from a national overview to a more local perspective, the Bath market has calmed somewhat compared to the frenetic activity of say early 2022. Property supply is considerably better than the all time record breaking low point last year at 35% up Feb to Feb but remains at an extremely low ebb against average historical city levels. This has had the effect of slowing the median selling time somewhat but only to 72 days per property on average. Speaking only from our own experience so far this year, correctly priced properties have sold very well and in many cases have received high viewing and offer numbers as mortgage rates continue to fall from last autumns peak.
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