According to the latest research from Rightmove, the number of homes that are currently available for sale per estate agency branch is at a record low, with fewer homes on the market. This is continuing to drive up competition and ultimately, house prices.
Determined buyers are snapping up the homes that are currently for sale with the average time to find a buyer in December being over two weeks quicker compared to the same period last year.
Although the lack of supply can appear daunting if you are considering a move this year, there are signs that property choice is improving. The number of estate agent enquiries was an incredible 44% higher in the first week of this year compared to last year and 48% higher than in 2020 before the pandemic hit. Rightmove has reported that January 4th 2022, was the busiest ever opening to a year for home valuation enquires in a single day.
As we move into this year, competition among buyers looking for their ideal home remains strong with 15% new buyer enquiries and the interest per property for sale double what it was at the start of last year. In fact, over 70% of properties for sale since the year began have already been sold with only 30% left available to purchase.
The latest statistics from Rightmove show that:
- The average home coming onto the property market is 0.3% higher than in January 2021.
- The rise in property values is the highest growth recorded since May 2016.
- First time buyer prices hit a new record, with a monthly jump of 1.4%
- Strong demand and low numbers of homes for sale looks set to continue this year.
- The number of buyer enquiries in January 2022 is 15% higher than in January 2021.
- The number of homes available per estate agent branch is at a new record low.
- Competition among buyers is double what it was this time last year.
- The number of valuation enquiries is 44% higher than the same period last year and 48% higher than in 2020
Innes Allan in our West End office says:
“At Caledonia Bureau, we believe that the trends from 2021 will continue well into this year. However, we believe it will be a more balanced market for both buyers and sellers with an increase in available homes on the market creating less competition among buyers. In order to be in the best possible position to be successful in purchasing a home you have seen; we recommend that you sell first to avoid missing out.
“Although inflation and the cost of living is rising, we still believe that there will be high levels of buyer demand especially in property hotspots such as Glasgow’s West End. January has started extremely strong for Caledonia Bureau, and we expect many more properties to come onto the market in the coming months as we move into the typically busy spring period. We have seen an uplift in requests for property valuations this month and with competitive lending still available, we are preparing for another busy year. Get in touch with us if you would like advice, a valuation or to get the ball rolling on your house sale.”
What’s for sale right now?
Laurence Drive, Drumchapel, Glasgow – Offers Over £79,995
A well presented Modern Top Floor Flat (second floor) offered in good internal order. Drumchapel is located on the edge of Glasgow and is a popular location for commuters into the city. Easy access to Great Western Road mean the city centre is only 15 minutes away by car or public transport.
Argyll And Bute – Offers Over £265,000
**Closing Date Tuesday 25th January at 12pm** “The Glen” is a traditional 3 bedroomed detached, blonde sandstone property. The house sits in extensive mature garden grounds totalling an area of approx 1.6 acre.
Cambridge Avenue, Clydebank, West Dunbartonshire – Offers Over £159,000
Caledonia Bureau are delighted to market this four apartment Mid terraced Villa which is quietly within a popular locale and offers well laid out family accommodation which must be viewed.
Briar Drive, Clydebank, West Dunbartonshire – Offers Over £123,000
An extremely attractive Lower Cottage Flat which has been upgraded to a high standard by its present owner and is offered to the market in excellent, walk-in order.
Braehead Road, Paisley, Renfrewshire – Offers Over £97,000
Mid Terraced Villa within a popular and competitively priced area of Paisley offering Hall, Lounge / Dining Room, Kitchen,Two Double Bedrooms, Bathroom. Gas CH, D/Glazing, Front & Rear Gardens. Early viewing advisable.