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Housing supply slumps 40% since January as agents woo sellers

Housing supply slumps 40% since January as agents woo sellers

Propertymark says the supply of homes on the market has dwindled almost continuously since the start of the year, with 40 per cent fewer homes now than in January.The average estate agency branch has 23 properties available for sale – but typically will have no fewer than 19 times that number of prospective buyers on their books.

Nathan Emerson, Propertymark chief executive, says: “Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go.

“Firstly, if you are serious about buying in the current market it’s all about being in a position to proceed. Very few people can buy without selling, so having a buyer waiting gives you an edge over those you may be competing with.

“If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer.

“It’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange – that’s four months and the likelihood of not finding an onward property in that time is very small.”

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