There was a 16% increase in the number of potential buyers registered per branch throughout the month of April, Propertymark’s Housing Insight Report has revealed.
There was a 14% increase in the number of market appraisals undertaken throughout the month, increasing from 22 in March to 26 in April.
Tenant registrations per available property increased from 82 in March to 90 in April, suggesting that demand was on the rise ahead of the historically busy summer months.
On average, there was an average of nine new prospective tenants registered per available property; however, April also saw a 1% decrease in the number of new tenancies signed.
Nathan Emerson, CEO of Propertymark, said: “Although the economic environment remains challenging, there is some positivity in the air.
“GDP is estimated to have grown by 0.4% in March and inflation (CPI) reduced from 3.2% in March to 2.3% in April, which is within touching distance of the Bank of England’s target.
“We remain hopeful that a much-needed reduction in the base rate will occur in the near term.
“The residential sales sector has seen an early flurry of activity in April with prospective buyer registrations, new sales instructions, and the number of sales agreed all increasing.
“However, challenges remain. Although the gap between asking prices and market expectations continues to narrow, further realignment is required to keep the market moving.
“Furthermore, those seeking to move home before Christmas, need to be cognisant of elongated exchange times and act now.
“In the residential lettings sector, our members report an increase in the number of prospective tenant registrations.”
He added: “However, while stock levels have increased slightly, demand continues to outstrip supply, with around nine new applicants registered for each available property in April 2024.
“Rents continue to fluctuate although there are signs that in some areas, rents have reached a ceiling in terms of affordability.
“More broadly, our members remain concerned that some landlords are choosing to exit the sector.
“The reasons for exit are multifaceted although ongoing legislative uncertainty is undoubtedly playing a role.
“We continue to work with policymakers across the UK to highlight the critical role the PRS plays in the wider housing system and to encourage policies that can stabilise the sector’s investment patterns.”
