Property in: LONDON

November Saw Demand Up by 12%

2 minutes

Demand from property buyers increased by 12% in November 2021, while supply continued to fall, data by NAEA Propertymark reveals.

Demand vs Supply

The number of property hunters registered per estate agent branch represents the demand in the market. The figures have been continually increasing since June 2021 and have reached 571 last month, a 12% increase against October.

As for the supply, it has been gradually decreasing. The number of properties available per branch reached 20 in November 2021.

The figures mean that currently, there are 29 buyers for each listed property, a 21% jump in competition against October.

Number of Property Sales

On average, there were 7 agreed sales in November 2021, a slight fall from 8 in the prior month but a significant drop from 13 in November 2020. However, the average number of agreed sales stood at 7 over the past 5 years, so current figures are in accordance with the market.

As for the first-time buyers (FTBs) property market, the share of property deals for this sector reached 29% in November, an increase from 25% in the preceding month.

Asking Prices

Last month, buyers purchased 38% of homes above the asking price, an increase from just 21% in October this year and a noticeable jump from 10% last year.

Specialist Adds

Nathan Emerson of Propertymark highlights continual trends of pressures on the property market and asking prices, with a potential cooldown in the current month.

Sellers might benefit from acting soon – demand continues into Q1 2022 but will not «last forever».

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