Vendors returned to the property market with a vengeance last month, latest data from Propertymark reveals.
Its monthly measure of the sales market recorded an 80% increase in new instructions per branch during January following three months of declines during the final quarter of 2021.
The average number of new instructions per branch increased from five to nine.
Member agents also reported a similar surge among buyers, who doubled in number last month after three months of declining registrations.
The trade body reports prices remaining robust too, with 37% of available properties selling above the asking price in January, up on December’s figure of 25% and 9% in January last year.
“Our latest Housing Market Report paints the positive picture that our member agents have been hoping for, which is the much-needed increase in the number of properties coming to the market,” says Nathan Emerson, Propertymark CEO (pictured).
“There is certainly no let-up in demand, but the supply line appears to be recovering at a quicker pace and edging towards a rebalancing of the market.
“This is welcome news on the back of stock levels that had declined to record lows throughout last year against the backdrop of escalating demand.
Propertymark member Mary-Lou Press (main picture), Partner at Alexander Reid & Frazer in County Down, Northern Ireland, took on 20 new instructions in just three weeks during January and two developments of 22 new-build homes.
An offer was accepted on one property in just two days at £10,000 over the asking price with 16 of the new-build homes also sold in just two days.
Mary-Lou said: “We’d been listing between 8 and 10 properties a month between October and December last year so were not expecting this sudden increase in new instructions.