The latest Propertymark Housing Insight Report indicates a resilient housing market, with an average of nine sales per member branch recorded in November 2024.
This marked the strongest performance for November in over three years across many regions.
Additionally, the average number of new prospective buyers registered per member branch rose to 108, reaching a two-year high.
House prices showed regional variances, with strong growth in the North West, West Midlands, and Scotland, while some areas in the South East and London experienced slower demand compared to the previous year.
The number of properties achieving asking price increased from 6% in October 2024 to 11% in November 2024, reflecting improved affordability and consumer confidence.
Despite this, 38% of member agents reported that it took an average of 17 weeks or more to progress from offer acceptance to exchange, a trend that continues to rise.
Nathan Emerson, CEO of Propertymark, said: “As we kick the year off, the housing market stands in a strong position for growth.
“However, as always, there are many variables that interact with the housing market and influence consumer affordability and confidence, and regionally, the strength of the housing market can vary due to fluctuations in supply and demand.
“Across the entire UK, the economy stands at a more stable position than it did twelve months ago, with both inflation and the base rate sitting at more encouraging levels.
Emerson added: “While there is hope we may see a series of controlled cuts to interest rates over the coming months, the Bank of England will be keen to ensure long-term stability and the impact of Government policy will have a bearing on this.
“Across the first quarter of the year, many people across England and Northern Ireland will be mindful of the increases in Stamp Duty commencing from 1 April and we are likely to see an eagerness to complete on a property on the run-up to that date.
He said: “We have continued to see house price growth over the last twelve months in many regions, and we expect this momentum to continue as we head further into 2025.
“The housing market is always a strong indicator of wider economic health and while there may be challenges ahead, we are optimistic the market will continue to operate positively.”
