Propertymark’s housing insight report for November, released this week, reveals a “resilient but measured” market, the organisation said.
Although the figures from the estate agents’ body show a slight dip in agreed sales (down to 6.8 from 7.8 in October) and a fall in buyer registrations (down two to 57 per branch) the change reflected seasonal adjustments rather than weakening demand, CEO Nathan Emerson said.
New supply increased slightly in November, with 10 homes placed per sale per member branch, up from 8.4. Market appraisals – an indicator of future supply – also saw a slight uplift, with 22 per member branch compared to 19 a month previously.
The time taken to exchange reported by Propertymark members shows a positive downwards trajectory: 36.2% of transactions took longer than 17 weeks to complete, down from 39% in October.
Phil Spencer, founder of Move iQ, said the data “shows a market that’s calmer than the highs of recent years, but still competitive.”
He added:
“With more homes coming onto the market and slightly fewer sales being agreed, buyers may find they have a bit more breathing room to negotiate, particularly if they’re well prepared.”
Propertymark’s report is based on a monthly survey of around 100 member agents, supplemented with data from the Bank of England, the Office for National Statistics and HM Land Registry.
