In January, the supply of new homes increased by approximately 79% compared to the previous month, reaching around eight homes per member branch. This aligns closely with the activity levels observed in both 2022 and 2023.
With the rise in supply, average stock levels also slightly increased in January 2023. Moreover, stock levels in January 2024 surpass those in the corresponding periods of both 2022 and 2023.
The agreed sales per member branch experienced a post-Christmas boost, climbing from about four in December 2023 to around six in January 2024. These figures are consistent with the performance recorded in the same months of 2022 and 2023, as indicated by the data.
This month, fewer agents reported properties selling below the asking price, accompanied by a corresponding uptick in properties selling at or above the asking price. However, a misalignment persists between valuation levels and market expectations. As activity increases, we may see asking prices become firmer, meaning investors may want to consider buying an investment property sooner rather than later to take advantage of potential discounts.
Pro Tip: If you are new to buy-to-let investment, you may want to consult a UK property investment company to help you understand the intricacies of the property market.