Housing Insight Report: May 2024

While both sectors remain resilient, there is much that the next government can do to support buyers, renters such as improving the home buying/renting process and professionalisation of the sector via the regulation of agents. More broadly there is a need for a review of property taxes to make changes which stimulate supply and demand.

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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 continue to rise

The average UK house price increased by £946 to £281,373 in April 2024 (latest figures available). This remains at around 8 times the average annual gross earnings.

Prospective buyer registrations decrease

The average number of new prospective buyers registered per branch decreased from 88 in April 2024 to 74 in May 2024.

Residential lettings

Tenant demand increases

The average number of new prospective tenants registered per member branch is an indicator of market demand. Registrations increased from 90 in April 2024 to 97 in May 2024 continuing established seasonal trends and suggesting that demand is increasing. 

Demand continues to outpace supply

It is possible to contrast supply and demand indicators to obtain an overall sense of what is happening in the market. Overall, demand continues to outstrip supply, with around 9 new applicants registered for each available property in May 2024.

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