The property market has stalled a little over the Summer with transaction volumes down slightly month on month, and static new listings and overall stock but could be poised to see an Autumn uplift with the average number of prospective home buyers registering with estate agent branches on the increase, up to 71 in July in, from 69 in June.
The latest findings in the Propertymark monthly Housing Insight Report, covering July 2024, has found the average estate agency branch undertook 93 viewings, broadly static against the previous month, and placed 10 new homes for sale per member branch, which was again in line with June 2024. Similarly, the average number of houses available for sale per branch stayed the same at 41.
But the figures show a small increase in the average number of new buyer enquiries and sales per branch (c. 8 per month) indicate the property market moves into the Autumn in reasonable health.
Propertymark have also been tracking the time to exchange which it says remains at a historic high with just under 40% of agents reporting the average time from offer acceptance to exchanging contracts is over 17 weeks.
Commenting on the latest report, Propertymark CEO Nathan Emmerson said the new Labour government, which has promised much on sorting out the current housing challenges, had a lengthy ‘to-do’ list across the home buying and selling ecosystem.
“We entered July with a new government and the prospect of a reset in major housing policy areas. Despite this, and a wetter than normal July, prospective buyer registrations in the residential sales sector were up, and so too were the number of sales agreed. Reflecting seasonal trends alongside the anticipation of an August rate cut, most other sales metrics remained static. Although underlying demand remains strong, the gap between buyer and seller expectations continues.”
“Also impacted by the holiday season, the residential letting sector witnessed a 10% reduction in the number of prospective tenants registered. Regardless, there were still 8 registrations for each available property. New instructions trended downward pointing to the potential for further supply constraints and the need for policies, which support and encourage private landlords.”
“The new government has inherited a very large ‘to-do’ list with urgent interventions required in several policy areas. Priorities include improving the home buying and selling process, the regulation of property agents, clarification around net zero funding, and stabilising investment patterns within the private rented sector. We look forward to working with the new government to tackle these and other issues.”
