Sales instructions hit new highs

Agency listings appear to be on the rise with major brands seeing a spike in valuations and instructions.

Data from national agent Jackson-Stops shows its branches saw a 6% spike in property valuation appointments in March, the highest volume of market appraisals in a 12-month period. 

This translated to a 46% annual rise in new instructions.

Jackson-Stops also recorded a 28% increase in buyer registrations during March, making this the first-time that the proportional gain of new buyers to the market was lower than supply.

The network subsequently saw a cooling off period for buyers in April with a 15% decline in new applicants. 

Nick Leeming, chairman of Jackson-Stops, said: “Sellers are looking to get the best possible price for their home.

“After a remarkably long period of eye-watering house price growth, we are at long last seeing the scales of supply and demand become more balanced. 

“The loosening up of the housing market is good news to sellers who were previously holding back in fear of not finding a suitable onward purchase. A boost in supply should mark the end of this period of stalemate."

Meanwhile, Knight Frank has reported that the number of instructions and accepted offers have reached new highs as sellers sense the top of the market.

Analysis by Knight Frank shows the number of sales instructions in the week ending 14 May was the tenth highest figure in the last decade across the UK.

In property markets outside London, instructions were at their highest weekly level in 10 years, the agent said.

Meanwhile, in a sign of greater urgency on the part of sellers, the number of offers accepted across the UK was the highest weekly number in a decade.

Knight Frank suggested this is a sign that homeowners have been jolted into action amid concerns that house prices have hit their peak.

It comes amid economic uncertainty after recent interest rate rises and negative Bank of England outlooks.

James Cleland, head of the country business at Knight Frank, said: “It feels like we are at a crossroads.

“The number of buyers is still very high and now vendors are sensing that the market may be at its peak, hence taking offers and coming to the market. It is a sudden recognition that now is the time to act, brought on by all of the obvious factors coalescing at the same time.”

Mark Proctor, head of the south-west region at Knight Frank, added: “I have rarely been under such pressure to get houses to the market so quickly as our clients are looking to take advantage of current demand.”

Knight Frank has previously forecast that house price growth will slow to single digits this year.