Housing Insight Report: February 2024

In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. Rents continue to fluctuate by location and property type, although there are some signs of stabilisation. As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors.

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This report is based on responses to a monthly survey of Propertymark member agents. The analysis is based on data provided by around 100 sales and 100 letting agents across the UK.

Residential sales

Prospective buyer registrations stall

Although the average number of new prospective buyers registered per branch increased considerably in January 2024, momentum appears to have stalled with fewer buyers registered in February 2024 than in February 2023. Viewing numbers also appear to have plateaued, although they are broadly in line with the same period in 2023.

Residential lettings

Tenant demand increases

The number of new prospective tenants registered per member branch decreased from 97 in January 2024 to 89 in February 2024. Stock levels continue to fluctuate albeit within long-run parameters.

Demand continues to outpace supply

Although the average number of new applicants registered per member branch decreased in February 2024, the reduction in stock levels means that demand continues to outstrip supply. On average, there were around 10 new applicants registered per member branch for each available property in February 2024, which is around the same number as in February 2023.

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