The number of properties listed with estate agents has fallen by an average of 21% in the last year. In January 2021, estate agents across England and Wales had an average of 33 properties on their books. This included both available properties and those sold subject to contract. Last month, that figure had fallen to an average of 26 properties.

The figures, which are based on more than 4,000 market appraisals, also recorded the percentage of properties on the market that were sold subject to contract. In January 2019, an average of 42% of properties were sold subject to contract. In January 2022, that figure had risen to 66%; a rise of 24 percentage points. 

Danny Luke at property company Quick Move Now, said: “Every region of England and Wales has seen significant rises in the percentage of housing stock that is sold subject to contract. This demonstrates high demand for property, despite rising interest rates, rising property prices and significant increases in the cost of living. Many property experts predicted a stabilising of property prices or perhaps even a slight fall in prices in the first part of this year, but that price correction is yet to materialise, despite mounting external pressures.”