As we mentioned in the previous newsletter, we can’t really look at a year on year view anymore. If we did, we’d see that the current market is over 600% better off than this time last year.
So, if we look at a week on week view instead, the sales market is still growing with more property coming to the market than the previous weeks and more sales being agreed. However, having said that, there was small decreases in both New Instructions and Sales being agreed recently. This is most certainly down to the Easter weekend and I would suggest that the next few weeks we’ll see increases again – though we wait to see for sure!
A couple of further things to note from the sales market is that so far this year we’ve seen a week on week average of just over 14,000 properties withdrawn from the market and just under 7,000 properties where the sale has fallen through. The numbers of withdrawn properties hasn’t changed too dramatically from the same period in 2021, which saw an average of 14,500 properties withdrawn each week. However, the number of Fallen Through transactions has grown since last year from an average of just over 5,000 p/week.
The rental market is a little different in terms of volumes with the number of new lets and lets being agreed dropping week on week throughout March (bar one small increase week on March on Lets Agreed). Does this show the difference of people trying to make use of the opportunities out there for buyers from lenders and the Government? Or, while this situation is ongoing, are people staying put? Could it even be that after last year, people moved property and now aren’t looking elsewhere for a new tenancy at the current time? In 2021, the average number of rental properties that were Let Agreed averaged at just over 20,000 p/week. So far in 2022, we’ve only seen one week hit the 20,000 mark.
Catch up soon.
Your Property Team