With February almost upon us. Last week, we saw a small decline in the weekly numbers of properties coming to the market for sale and those becoming sale agreed. This is really in line again with the natural drop that we see at this time every year, so nothing to worry about.
I also thought I would take an up to date look at the numbers behind properties where sales are falling through. Now although the number of sales falling through is a lot higher than in 2019, you would expect this based on the number of transactions starting also being a lot higher in recent months. We’re still seeing around 50% more transactions falling through than this time last year.
Interestingly though, the number of properties being taken off the market unsold each week is tracking at almost the same volume as in 2019 each week. This clearly shows the impact that having more motivated buyers in the market is having on the whole as you’d be forgiven for thinking that due to more properties being listed for sale, then you’d see more coming off unsold. But since more transactions are progressing to completion, we’re not seeing more properties leaving the marketplace unsold. Which is a good sign for the future.
See you all soon,
A Property Market Update