This report is based on responses to a monthly survey of Propertymark member agents. Analysis is based on data provided by around 100 sales and 100 letting agents across the UK.
Residential sales
UK house prices continue to fall
The average UK house price is continuing to trend downward from recent highs. However, that the trend is not common to all constituent parts of the UK. Specifically, whilst there have been notable falls in England and Wales between November 2022 and November 2023, there has been positive growth in Scotland during the same period.
Reduction in prospective buyer numbers due to seasonal trends
The average number of new prospective buyers registered per branch reduced from 49 in November to 34 in December. Seasonal impacts are clear, although there is a broader downward trend. Viewing numbers dropped off in December as many potential buyers stopped house hunting and refocused on Christmas shopping.
Residential lettings
Tenant demand is down
The established downward seasonal trend continued into December 2023. The number of new prospective tenants registered per member branch reduced to 63 from 86 in the previous month (November 2023).
Stock levels down but within recent parameters
As with demand, stock levels have followed downward seasonal trends with a marginal reduction in the number of properties available in December when compared to the previous month. It is worth noting that the stock level in December 2023 (around 9) is in line with the December 2022 figure.
However, demand (in the form of prospective tenant registrations) outstrips these stock levels. On average, there were almost 7 new applicants registered per member branch for each available property.
