The average number of properties on the market in South East England has dropped by 19%, compared to pre-Covid levels, according to new research.
Estate agents in the region now have an average of just 25 properties on the market, with 65% of those already sold. In January 2019, estate agents had an average of 31 properties on the market, with 39% sold. In real terms, that means the average number of available properties per estate agent has dropped from 19 to just 9 in the last two years.
The figures, published by Quick Move Now, were collated from hundreds of estate agents around the country.
Average number of properties on the market per estate agent (including those sold subject to status)
|
Region |
Average number of properties on market January 2019 |
Average number of properties on market January 2022 |
Change |
|
East of England |
29 |
28 |
-3% |
|
East Midlands |
20 |
17 |
-15% |
|
Greater London |
43 |
55 |
+28% |
|
North East |
25 |
24 |
-4% |
|
North West |
24 |
23 |
-4% |
|
South East |
31 |
25 |
-19% |
|
South West |
28 |
23 |
-18% |
|
Wales |
15 |
20 |
+33% |
|
West Midlands |
21 |
16 |
-24% |
|
Yorkshire and the Humber |
19 |
18 |
-5% |
Percentage of properties that are sold subject to status
|
Region |
% of stock SSTC January 2019 |
% of stock SSTC January 2022 |
% Difference |
|
Whole of England and Wales |
42% |
66% |
+24 percentage points |
|
East of England |
39% |
70% |
+31 percentage points |
|
East Midlands |
51% |
68% |
+17 percentage points |
|
Greater London |
40% |
51% |
+11 percentage points |
|
North East |
23% |
66% |
+43 percentage points |
|
North West |
51% |
69% |
+18 percentage points |
|
South East |
39% |
65% |
+26 percentage points |
|
South West |
48% |
76% |
+28 percentage points |
|
Wales |
38% |
69% |
+31 percentage points |
|
West Midlands |
47% |
69% |
+22 percentage points |
|
Yorkshire and the Humber |
41% |
69% |
+28 percentage points |
Danny Luke, Quick Move Now’s managing director, said: “These figures give a very interesting insight into the current state of the UK property market. It’s been well-documented that there is a shortage of available properties, but these figures really bring those claims to life and demonstrate just how challenging the market is for those looking for a new home.
“We intentionally compared figures from the start of this year with those from the start of 2019. 2019 was the last ‘normal’ year, pre-pandemic, so we were able to see the impact Covid and its related measures – such as the stamp duty holiday – have had on the market.
“In the South East, the number of properties coming onto the market has fallen significantly, and those that do come on the market are selling incredibly quickly. This means competition is fierce for any desirable property and prices are continuing to be pushed higher by buyers fighting it out to secure their next home.
“Nationally, we can see the same story. Across England and Wales, the number of properties coming onto the market has fallen by 21 percent over the last two years.
“It will be interesting to see what the next two years hold for the property market. With rising interest rates and significant increases in the cost of living, you would expect property prices to begin to plateau, but this will only happen if we see less demand for property or increased supply."
