Housing Insight Report: March 2024

Demand increased within the residential sales sector, with the number of buyers registered and the number of viewings per property both increasing. In the residential lettings sector, tenant demand decreased, and stock levels increased marginally. However, legislative change including the Renters (Reform) Bill and Housing (Scotland) Bill, continues to dominate the wider discourse.

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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

UK house prices increase marginally

The average UK house price, a key economic indicator, increased by £1,216 to £280,660 in February 2024 (latest figures available) (Figure 6). This equates to almost 8 times the average annual gross earnings based on data from Office for National Statistics.

Prospective buyer registrations and viewing numbers increase

The average number of new prospective buyers registered per branch and viewing numbers increased marginally in March 2024, though the viewing numbers are broadly in line with the same period in MArch 2023.

Residential lettings

Tenant demand decreases

The average number of new prospective tenants registered per member branch provides an indication of market demand. Registrations decreased from 89 in February 2024 to 82 in March 2024 suggesting that demand is slowing. It is possible that ongoing legislative uncertainty and relatively high rents are contributing factors.

Demand weakens but continues to outpace supply

It is possible to contrast supply and demand indicators to provide an overall sense of what is happening in the market. The average number of new applicants registered per member branch decreased in March 2024 and stock levels increased marginally.

However, despite being slightly weakened, demand continues to outstrip supply, with around 9 new applicants registered for each available property in March 2024.

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