According to NAEA Propertymark’s November housing report, the number of prospective buyers registered per estate branch has grown by 12 per cent between October and November to an average if 571.
This continues a trend of growing buyer interest, with the average number of house hunters per branch growing since June this year.
However, the supply of houses remains constrained, with supply 50 per cent lower than November last year. This means there are around 29 buyers for every available property on the market, which is up 21 per cent from October.
More properties also sold above the asking price, with 38 per cent selling over the original asking price, up from 21 per cent in October.
It is also an increase from the 10 per cent of properties that sold above the asking price in the same period last year.
According to Propertymark, this highlights the “strong seller’s market” as “available properties are thin on the ground”.
The number of sales agreed per branch came to seven in November, which is almost half of the sales agreed in November last year and down from eight in October.
However, the sales agreed are in line with the five-year average for the month.
The number of first-time buyer sales rose to 29 per cent in November, up from 25 per cent in October.
Nathan Emerson, chief executive of Propertymark, said: “The pressure on the housing market and consequently house prices, is continuing at an unrelenting rate. However, heading into December, the market should start to slow.
“Those with a property to sell would be wise to act sooner rather than later as the level of demand is expected to continue into the first quarter of next year but cannot last forever.”
