According to Propertymark’s housing report for the month, there were 23 available properties per estate agency member. The organisation said this was the highest number of properties for sale in five months.
The number of new instructions remained flat at an average of nine per member branch which was the same as January.
New buyer demand fell slightly to an average of 67 per branch registered in February, down from 100 in January. However, the number of registered buyers on estate agent’s books rose to 590 from 552 the month before.
Factoring in the average number of buyers and available homes, this means there were 26 potential buyers.
Some 39 per cent of homes sold for more than their asking price, representing a two per cent month-on-month increase. This was the highest figure since June 2021 when 41 per cent of properties sold above asking price.
Sales agreed per member branch rose to eight in February, up from seven in January, which was the highest number of sales since October last year.
The proportion of sales made to first-time buyers reached the highest point since June 2000, accounting for 37 per cent of sales made in February. This was up from 29 per cent in January.
Nathan Emerson, chief executive of Propertymark, said: “It’s positive to see more properties entering the market. The number of new buyers wanting to register is easing, but agents’ books are still bursting with those who have missed out on previous properties.
“The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.”
