Estate agency membership body Propertymark are one of the first to release their property market report for the new year, boldly asserting the first few months of 2025 are likely to ‘prove busy for the sales market, with stock coming to the market and consumers showing they are keen to stay ahead of Stamp Duty threshold changes due in England and Northern Ireland in April 2025.’
Published in the first week of the year, the Housing Insights Report looks at data drawn from across its membership, showing a continued rise in the number of new home moving enquiries estate agency branches are receiving, to a new two year high.
Mortgage lending and approval figures published by the Bank of England in the last week show a modest increase in lending alongside a slight dip in mortgage approvals which dropped by 2,400 in November to a total of 65,700; albeit this figure remains above the 12-month average of 60,400. 
On the supply side estate agents are reporting a slight dip in instructions per member branch, reflecting the impact of seasonality say the membership body; the number of appraisals undertaken by members also dipped in November from an average of 27 per member branch in October, to 20 in November. A similar dip in sales agreed could be considered to be within the bounds of seasonal changes, adds Propertymark.
The report also tracks sentiment amongst estate agents around the length of time it is currently taking to move through the transaction with just under 1 in 4 agents reporting that it takes on average 17 weeks or more to progress from offer acceptance to exchange; a trend which has moved steadily upward year on year.
Commenting on the report Propertymark CEO Nathan Emmerson said
“The next few months are likely to Across the last twelve months, we have witnessed the economy stabilise and a much greater degree of confidence and affordably return. There are still challenges ahead and much will depend on inflation remaining within targeted boundaries and the Bank of England having the confidence to potentially lower the base rate further when conditions permit. The entire housing sector is about to embark on some of the biggest changes seen in over thirty years with new planning reform for England and Wales working its way through parliament, which will pave the way for the UK Government to start delivering their ambition of over 1.5m new homes before 2029.”
“Similarly significant legislation that will impact the lettings market across England is also moving at pace through Westminster in the form of the Righters’ Rights Bill. This will fundamentally change key rights for both renters and landlords and it remains imperative that this new Bill strikes a workable and fair balance for all involved. The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK. Throughout the last twenty years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”
