As we ended the first month of 2021, LonRes data records that new instructions fell 15% compared with January 2020.
The number of homes sold in January 2021 was up 4% on January 2020 and 3% higher than the average number of January sales between 2015 and 2019.
Houses continue to see higher annual increases in prices than flats. Flats sold in the last three months (November to January) saw achieved prices rise 0.4% compared with the same period a year earlier, this compares to a 5.2% increase for houses.
In welcome news for landlords, the number of properties reaching the market to let in January rose just 2% on January 2020 and remained 24% lower than the average between 2015 and 2019.
The number of new lets up 3% in January 2021 compared with January 2020.
The number of homes on the market remains higher than usual, with 66% more properties available to let than that at the end of January 2020. Yet with fewer January instructions, this is starting to fall.
New instructions, stock levels and properties put under offer - annual change
Achieved prices - £ per square foot
Properties available to let and new instructions - annual change