According to the latest industry research by NAEA Propertymark, the number of people looking for a new property at the start of this year surged, with a 22 per cent increase in activity levels.
The data shows that year-on-year the volume of prospective buyers has increased by more than a quarter since January 2019. There was also an increase by a third in the number of agreed sales during that period.
The number of house hunters registered per estate agent branch rose from 313 to 382. This is the highest figure seen since September 2019 when there were 387 prospective buyers registered.
Despite the increase in demand for properties, the number available per member branch fell from 41 in December, to 38 in January. This is the lowest seen since June 2019 when it stood at 37.
However, the number of sales agreed per member branch still managed to increase by a third, from six in December to eight in January.
Mark Hayward, Chief Executive, NAEA Propertymark said: “It’s positive to see the New Year has brought some much-needed confidence to the market, with a significant increase in demand from house hunters following the General Election result.”
“As the Spring Budget fast approaches, we hope to see housing as a priority for the new Chancellor. A clear strategy is needed to tackle key issues such as stamp duty costs, which needs to be addressed in its entirety to encourage more frequent moves, improve affordability and relax punitive financial tax on home movers.”