Average of 29 buyers for every property

Soaring demand for homes means that there are an average of 29 buyers for every new property listed, according to new figures. Data from Propertymark revealed that the average number of houses available per estate agency branch fell to 20 in November, down from 21 in October and the lowest such figure since its records started in 2001. The average number of potential buyers registered per branch stood at 571 in November - equating to an average of 29 buyers for every property on the market, Propertymark said. Nearly two in five homes (38%) sold for more than the original asking price in November, up from around one in five (21%) in October. A year ago, only one property in 10 was selling for above the original asking price. The proportion of sales made to first-time buyers rose to 29% in November from 25% in October. “The pressure on the housing market, and consequently house prices, is continuing at an unrelenting rate,” said Nathan Emerson, chief executive of Propertymark. "The level of demand is expected to continue into the first quarter of next year - but cannot last forever."

The Daily Telegraph (21/12/2021)