Buyer registrations dip in June as housing market remains cautious, Propertymark finds
Its latest Housing Insight Report found member branches registered an average of 55 new prospective buyers during the month.
The average number of new prospective buyers registered per estate agency branch fell in June, as caution continued across the housing market, according to Propertymark.
Its latest Housing Insight Report found member branches registered an average of 55 new prospective buyers during the month.
The average number of viewings per available property remained broadly steady compared with May, at 2.1, while sales agreed were also broadly stable.
In the rental market, demand continued to outstrip supply, with nine applicants for every available property.
The average number of new tenancies agreed per member branch stood at 8.15 in June, while the average void period was just over three weeks.
Nathan Emerson, CEO of Propertymark, said: “Rounding off the first half of the year, it is clear to see there have been immense financial challenges from many angles.
“January and the months since tell two very different stories. Less than six months ago, consumer confidence felt as though it was on a steady footing. Then we witnessed the direct and rapid impact of global unrest ripple through nearly every aspect of the domestic economy.
“Although we have seen the overall rate of inflation continue to trend downwards and the base rate hold steady, the impact of higher energy prices and increases in the cost of the weekly shop continue to heap pressure on many households.”
He added: “A key concern over the last few months has been witnessing both the number of mortgage approvals dip and the overall volume of mortgage lending fall significantly.
“This will very likely shape market sentiment in the coming months, and it remains something to watch closely, especially with the Autumn Budget fast approaching. It will be a case of closely monitoring what the new Chancellor sets out regarding housing in the months ahead.”
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