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Listings for sale at historic lows according to Homesearch

Available residential property listings across the country are at historic lows according to property data firm Homesearch.

The company, which focuses its services on helping agents target specific homes to find and win new instructions, says that of the 708,000 individual properties it’s tracking as currently on the market, some 480,646 are currently under offer or sold-subject-to-contract.

This leaves just 246,354 still available.

With 67 per cent of the entire active market already under offer it means that on average, across the country, each estate agency branch only has approximately 12.6 available instructions to sell.

The firm says this may account for why many would-be sellers are holding back because they fear they will have nowhere to move to.

Sam Hunter, chief operating officer at Homesearch, says: “Every day we all read a new article about how high buyer demand is and how, when a home is priced well, it’s often sold within the first few days after 20-plus viewings and multiple, competing offers.

“But it’s only when looking at the data so you see the extent of the ‘listings crisis’ as I’ve heard it termed.

“We know there’ll be branches with more than 12.6 available instructions, and there’s likely to be a few with less, but as an average, it’s well below where we – and many of the agents we speak to – would expect it to be.”

Hunter concludes: “With less than one per cent of the entire UK property stock currently available to buy, it’s no wonder frustrated would-be sellers are hesitant because they believe there’s simply nothing suitable to buy.”

Source: Estate Agent Today

30th July 2021

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