Property market supply falls by 21%

Property market supply falls by 21%

10:14 AM, 22nd February 2022, About 2 years ago

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The number of properties listed with estate agents has fallen by an average of 21% in the last year.

In January 2021, estate agents across England and Wales had an average of 33 properties on their books. This included both available properties and those sold subject to contract. Last month, that figure had fallen to an average of 26 properties.

The figures, which are based on more than 4,000 market appraisals, also recorded the percentage of properties on the market that were sold subject to contract.

In January 2019, an average of 42% of properties were sold subject to contract. In January 2022, that figure had risen to 66%; a rise of 24%.

Average number of properties on the market per estate agent (including those sold subject to status)

Region Average number of properties on market

January 2019

Average number of properties on market

January 2022

East of England 29 28 -3%
East Midlands 20 17 -15%
Greater London 43 55 +28%
North East 25 24 -4%
North West 24 23 -4%
South East 31 25 -19%
South West 28 23 -18%
Wales 15 20 +33%
West Midlands 21 16 -24%
Yorkshire and the Humber 19 18 -5%

 Percentage of properties that are sold subject to status

Region % of stock SSTC January 2019 % of stock SSTC

January 2022

% Difference
Whole of England and Wales 42% 66% +24 percentage points
East of England 39% 70% +31 percentage points
East Midlands 51% 68% +17 percentage points
Greater London 40% 51% +11 percentage points
North East 23% 66% +43 percentage points
North West 51% 69% +18 percentage points
South East 39% 65% +26 percentage points
South West 48% 76% +28 percentage points
Wales 38% 69% +31 percentage points
West Midlands 47% 69% +22 percentage points
Yorkshire and the Humber 41% 69% +28 percentage points

 Danny Luke, from property company Quick Move Now, said: “These figures tell a really interesting story about what is happening in the property market in England and Wales.

“We intentionally compared the most recent figures with those from January 2019, as an example of a ‘normal’ pre-covid year, to measure the impact that the pandemic and its resulting measures have had on market conditions.

“As you can see from the figures, the number of properties coming to the market has fallen significantly in most areas, and nationally we’ve seen a fall of 21%.

“Every region of England and Wales has seen significant rises in the percentage of housing stock that is sold subject to contract. This demonstrates high demand for property, despite rising interest rates, rising property prices and significant increases in the cost of living.

“Many property experts predicted a stabilising of property prices or perhaps even a slight fall in prices in the first part of this year, but that price correction is yet to materialise, despite mounting external pressures.”

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