The number of homes realtors typically have for sale has dropped to the lowest on a real estate website’s records after 18 âfranticâ months.
A year ago, realtors had an average of 28 homes per branch on their books, but now that average has halved to just 14, according to Rightmove.
This means that sellers entering the market in the next few months and pricing their homes correctly have a good chance of being successful in the sale, he said.
The website said it was the lowest level per real estate agency it had ever recorded. Its figures on this subject date back to 2004.
Tim Bannister, Director of Real Estate Data for Rightmove, said: âThe kind of frenetic market we’ve seen over the past 18 months only happens a few times in the buying and selling lives of most homeowners, pandemic pushing homes higher on most people’s priorities.
“While the pandemic still has an ever-changing impact on society as the New Year approaches, we expect a housing market to approach normal during 2022.”
There are signs, however, that a new supply of properties is in the works. Requests from homeowners to realtors to have their homes appraised are up 19% from the same period a year ago, indicating that more choices will hit the market in the new year.
The average price of a house fell by Â£ 2,234 month-on-month in December.
Across Britain, the average asking price is Â£ 340,167, down 0.7% from November, Rightmove said.
Asking prices in December are on average 6.3% higher than a year ago – and Rightmove predicts that prices could rise another 5% next year.
Increasing accessibility to buyers and a wider choice of properties for sale will reduce the âpricing powerâ of sellers, Rightmove predicts.
Looking ahead to next year, Norfolk, Herefordshire and slightly less traditional places could be the biggest winners as buyers increasingly feel confident to move away from London.
Guy Robinson, Strutt & Parker
Giving advice for a successful sale, Mr. Bannister added, âThose who have worked on their finances as part of the preparation for the sale are obviously hoping to get the highest price possible.
âHowever, despite strong demand, buyers will have limits on what they can afford or are willing to pay.
âPlus, with inventory availability so low, any property that is left around stands out like a sore thumb and goes out of date pretty quickly.
âRekindling interest in a property, which potential buyers have ignored as being out of date and overpriced, often results in deeper price reductions below what might have been a successful initial asking price. “
Guy Robinson, Head of Residential Agency at Strutt & Parker, said: âDemand from buyers continues to be strong and the number of applicants is still significantly higher per property than at any time since 2006.
âInside London, activity cooled slightly with the onset of autumn, following a high level of transactions in the main central London market during the first half of the year. However, we expect the market to rebound over the next 12 months if international travel can resume as expected, releasing pent-up demand in the market.
âOutside of London, every region outperformed in 2021, in terms of number of deals, with coastal villages and major Cotswolds hotspots, and the Â£ 500,000 to Â£ 700,000 price range is the biggest market. dynamic.
âAs for next year, cities like Norfolk, Herefordshire and places a little less traditional could be the biggest winners as buyers increase their confidence moving away from London. “
Oliver James, partner of James Dean Estate Agents in Wales, said: âWe have had a fantastic year, selling more properties than ever before.
âWe have seen a real increase in demand, especially for properties in semi-rural areas with gardens and views. Covid has changed people’s lifestyle choices, and working from home increasingly takes people out of cities.
“However, the wi-fi speed is therefore becoming even more important, which can be problematic for rural properties. The new instructions have been fewer than usual, which, combined with high demand, has led to several buyers. to want the same property.
âThis has resulted in properties being sold for more than asking price.
âSo now is a great time to be a seller, however, low inventory levels have also meant that some sellers have withdrawn an offer or even taken the price off the market when they are looking for their subsequent purchase.
âNext year we expect the market to remain strong, however the main concern is inventory levels. We need more new instructions. Many salespeople say, “I want to sell, but I haven’t seen anything that I like”.
âIn this competitive market, it’s important for sellers to put their own home on the market before looking for their next purchase, because it puts them in the best position when a property they love hits the market.
Guy Gittins, CEO of Chestertons, said: “Despite the pandemic, we have had record performance in the market this year with a high number of home hunters looking for larger properties with outdoor space.”
He added, âAs demand continues to outstrip supply, we anticipate a strong sellers market and further price increases. “
Marc von Grundherr, Director of Benham and Reeves, said: âIn a year that has remained largely overshadowed by the uncertainty of Covid, we have seen a still resilient real estate market continue to show extremely high levels of growth in housing prices. “
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