Propertymark, the national membership organisation for property professionals, has released figures indicating a thriving housing market in the UK, contrary to some predictions. With over 18,000 members consisting of sales, lettings agents, and auctioneers, the statistics reported are a positive sign for the industry.
The housing market has faced a significant undersupply of homes compared to buyer demand over the past three years, which has contributed to rising house prices. However, in March, sales agents reported an average of 35 homes for sale per branch, the highest figure since January 2021 when it stood at 38. This is also the highest figure for March since 2019 when it was 37.
In addition to motivated sellers, buyer confidence appears to be holding strong, with the number of sales agreed remaining robust and consistent with the average for the month (2017-2019). The increase in available homes has also led to a 21% rise in viewings compared to February.
Nathan Emerson, CEO of Propertymark, shared his thoughts on the current market situation: “The increase in sellers joining the market shows us that trust is still there. We have seen positive activity in February and March and expect it to continue into April. Buyer affordability has stabilised, and professionals are hopeful that interest rates will remain steady throughout 2023. Prices are holding firm with some negotiation back on the table, meaning both sellers and buyers feel they are getting their money’s worth.”
Since the start of the year, the average number of new buyers registering per branch has increased by a third, and the number of valuations agents are invited to perform has risen by 13%.
Propertymark’s latest monthly Housing Insight Report can be read here.
