Property sales hold steady with a fifth of stock sold every month
According to a new analysis of property market performance over the past three months, estate agents across the UK have facilitated just over 43,000 transactions per month – meaning they have sold an average of 17% of all homes listed for sale on a monthly basis.
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A study has been conducted by Get Agent to reveal where in the UK estate agents with the highest turnovers reside. Registered property transactions, the level of sales turnover activity, and the transactions of all homes listed for sale were all analysed.
Regional performance
The latest figures from the study revealed that both the North West and Yorkshire and The Humber rank top. Across the North West, estate agents are currently selling over 5,500 homes per month on average, whilst in Yorkshire and The Humber, the monthly average sits at 4,200.
However, when the regional rate of sales is compared to the total stock listed, agents across both regions are selling the equivalent of an astounding 20% of all homes for sale each month.
In the West Midlands and North East, the average is a notable 19%, while the East Midlands follows close behind with 18%.
The South West, South East and East of England are tied, with monthly sales volumes landed by agents across these areas equating to 17% of the overall stock listed on the market.
In Wales, agents were found to be selling around 15% of total market stock each month, while London ranks last at a respectable 12%.*
Market perseverance
The data is further evidence of the market remaining resilient during times of uncertainty. Homeowners and first-time buyers can take comfort in the government’s return to a more traditional economic approach, which is likely to continue to stabilise the mortgage markets. The bank of England indicated in mid-November that a continued rapid hike of the base rate in 2023 would be unlikely, so this suggests that concerns around mortgage rates creating a demand cliff edge will not now come to pass, protecting homeowners from their assets declining in value. Buyers and sellers alike appear to be proceeding with confidence, and their trust in the market continues to pay off.
Mal McCallion, COO of Get Agent, commented: “The property market has been motoring since the pandemic and this is abundantly clear when analysing just how hard the nation’s estate agents have been working. And now, even during a more difficult period for the market, in many areas of the UK correctly-priced homes are still selling as quickly as agents can list them.”
“Of course, it’s important to note that a good quality agent is based on far more than their sales turnover – and the challenges they face differ from one property pocket to the next. In today’s market, the real value added by agents isn’t just through speed of sale or asking price achieved – it’s by using their experience and knowledge to synthesise these skills and get the sale over the line.”
“These traits are particularly invaluable in slower areas of the market and it’s fair to say that now, more than ever, quality counts – you’re going to need all the attributes of a great agent to get your best sale through for the rest of this year and the next.”
Thinking of selling your home? Contact our team of experts today to get started.
*Get Agent
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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