Housing Insight Report: May 2023

Despite the current economic conditions, it is reassuring to see that the number of new prospective buyers coming to the market is only four per cent lower than last year when the sales market was in a frenzy. In terms of lettings, a worrying mismatch is continuing in supply and demand levels.

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This report is based on responses to a survey of Propertymark member agents conducted between 31 May and 11 June 2023. Analysis is based on data provided by agents specific to 115 sales branches and 152 lettings.


Market shows resilience

The average number of new prospective buyers registered per member branch lifted moderately to 86 in May from 70 in April. Demand was only 4 per cent lower in May 2023 compared to May 2022.

The average number of viewings per property remained stable in May. The average last month was 3.0 compared to 3.3 in April. Viewings were down year-on-year by 50 per cent in May 2023 compared to May 2022.

Supply moderately falls back

Supply of new homes up for sale per member branch dipped slightly to 9 per branch in May from 10 in April. The average number of sales agreed per member branch followed suit averaging 7 per member branch in May compared to 8 in April.


Demand remains strong

The number of new prospective tenants registering per member branch showed little movement in May compared to April. 113 prospective tenants registering on average in May compared to 118 in April. Figures in May were up on 2022 by two per cent.

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