Stock Collapse! Agents suffer dramatic fall in number of homes to sell

Agents have 21 per cent fewer homes on their books now than a year ago according to a quick buy company.

In some particular regions the fall is even greater - down 33 per cent in Wales, down 28 per cent in Greater London, and down 24 per cent in the West Midlands.

In January 2021, agents across England and Wales had an average of 33 properties on their books, including those available and those sold subject to contract. Last month, that figure had fallen to an average of 26 properties.

The data, based on more than 4,000 market appraisals, also reveals that in January 2019 an average of 42 per cent of properties were sold subject to contract but by January this year - just last month - that figure had risen to 66 per cent. 

Quick Move Now’s Danny Luke says: “These figures tell a really interesting story about what is happening in the property market in England and Wales.

“We intentionally compared the most recent figures with those from January 2019, as an example of a ‘normal’ pre-Covid year, to measure the impact that the pandemic and its resulting measures have had on market conditions.

“Every region of England and Wales has seen significant rises in the percentage of housing stock that is sold subject to contract. This demonstrates high demand for property, despite rising interest rates, rising property prices and significant increases in the cost of living.

“Many property experts predicted a stabilising of property prices or perhaps even a slight fall in prices in the first part of this year, but that price correction is yet to materialise, despite mounting external pressures."