Buyers have least choice of available properties since 2004, says Rightmove

The variety of houses property brokers sometimes have on the market has slumped to the bottom on a property web site’s data after a “frenzied” 18 months.

A 12 months in the past, property brokers had a mean of 28 houses per department on their books, however now this common has halved to only 14, in response to Rightmove

This implies sellers coming to market within the subsequent few months and pricing their houses appropriately have a excessive probability of a profitable sale, it stated.

The web site stated it’s the lowest degree per property company department that it has ever recorded. Its figures on this return to 2004.

Tim Bannister, Rightmove’s director of property information, stated: “The sort of frenzied market we’ve seen within the final 18 months occurs only some instances in most house homeowners’ shopping for and promoting lifetimes, exacerbated by the even rarer occasion of a world pandemic pushing houses larger up most individuals’s priorities.

“Whereas the pandemic continues to be having an ever-changing influence on society as we head into the brand new 12 months, we anticipate a housing market transferring nearer to regular throughout the course of 2022.”

There are indicators, nonetheless, {that a} contemporary provide of properties is within the pipeline. Requests from house homeowners to property brokers to have their house valued are 19% up on this time a 12 months in the past, indicating extra alternative will likely be coming to market within the new 12 months.

The typical price ticket on a house dipped by £2,234 month-on-month in December.

Throughout Britain the typical asking worth is £340,167, marking a 0.7% fall in contrast with November, Rightmove stated.

Asking costs in December are 6.3% larger than a 12 months in the past, on common – and Rightmove predicts costs may rise by one other 5% subsequent 12 months.

More and more stretched purchaser affordability, and a wider alternative of properties on the market, will take the sting off sellers’ “pricing energy”, Rightmove predicts.

Seeking to subsequent 12 months, the likes of Norfolk, Herefordshire, and considerably less-traditional places could possibly be the largest winners as patrons enhance their confidence in transferring away from London

Man Robinson, Strutt & Parker

Giving suggestions for a profitable sale, Mr Bannister added: “Those that have been understanding their funds as a part of getting sale-ready will clearly hope to attain the best attainable worth.

“Nevertheless, regardless of excessive demand, patrons could have limits to what they’ll afford or are ready to pay.

“As well as, with the supply of inventory so low, any property that sticks round stands out like a sore thumb and goes stale fairly rapidly.

“Re-igniting curiosity in a property, that attainable patrons have been ignoring as stale and over-priced, usually takes some larger worth reductions to under what may have been a profitable preliminary asking worth.”

Man Robinson, head of residential company at Strutt & Parker stated: “Purchaser demand continues to be strong and applicant numbers are nonetheless considerably larger per property than any time since 2006.

“Inside London exercise cooled barely as autumn arrived, following a excessive degree of transactions within the prime central London market within the first half of the 12 months. Nevertheless, we anticipate the market to rebound over the subsequent 12 months if worldwide journey can resume as anticipated, releasing pent-up demand into the market.

“Outdoors London, each area has outperformed throughout 2021, by way of numbers of transactions, with coastal villages and the Cotswolds main hotspots, and the £500,000 to £700,000 worth vary the quickest transferring market.

“Seeking to subsequent 12 months, the likes of Norfolk, Herefordshire, and considerably less-traditional places could possibly be the largest winners as patrons enhance their confidence in transferring away from London.”

Oliver James associate at James Dean property brokers in Wales, stated: “We’ve had a incredible 12 months, promoting extra properties than ever earlier than.

“We’ve seen an actual enhance in demand, notably for properties in a semi-rural location with gardens and views. Covid has modified individuals’s way of life decisions, and dealing from house turning into extra frequent allows individuals to get out of the cities.

“Nevertheless, wi-fi pace is due to this fact turning into much more essential which might be problematic for rural properties. New directions have been decrease than traditional, so this mixed with excessive demand has meant a number of patrons wanting the identical property.

“This has resulted in properties promoting for greater than the asking worth.

“It’s due to this fact a good time to be a vendor, nonetheless, low ranges of inventory have additionally meant some sellers getting out bid and even priced out of the market when on the lookout for their onward buy.

“Subsequent 12 months, we anticipate the market to proceed to be robust, nonetheless, the principle concern is inventory ranges. We want extra new directions. Numerous distributors say, ‘I need to promote, however I haven’t seen something come on which I like’.

“On this aggressive market, it’s essential for sellers to place their very own house in the marketplace earlier than on the lookout for their subsequent buy, as this places them in the perfect place when a property they like does come to market.”

Man Gittins, CEO of Chestertons, stated: “Regardless of the pandemic, now we have seen record-setting market performances this 12 months with excessive numbers of home hunters on the lookout for bigger properties with outside area.”

He added: “As demand continues to exceed provide, we’re foreseeing a robust sellers’ market and additional worth rises.”

Marc von Grundherr, director of Benham and Reeves, stated: “In a 12 months that remained largely overshadowed by Covid uncertainty, we noticed a persistently resilient property market proceed to submit extraordinarily robust ranges of home worth progress.”