The average number of new prospective buyers registered per Propertymark member branch increased from 69 in June 2024 to 71 in July 2024, Propertymark’s latest Housing Insight Report has revealed.
Average viewing numbers remained largely static at 93 per branch in July, and so did the average number of viewings per available property.
On the lettings side, the average number of new prospective tenants registered per member branch indicated a clear market demand.
While registrations decreased from 99 in June to 88 in July, overall demand continued to outstrip supply, with around eight new applicants registered for each available property in July.
The average number of new tenancies agreed per member branch also decreased slightly in July, while 40% of estate agents reported an increase in rental prices.
Nathan Emerson, Propertymark CEO, said: “We entered July with a new Government and the prospect of a reset in major housing policy areas.
“Despite this, and a wetter than normal July, prospective buyer registrations in the residential sales sector were up, and so too were the number of sales agreed.
“Reflecting seasonal trends alongside the anticipation of an August rate cut, most other sales metrics remained static.
“Although underlying demand remains strong, the gap between buyer and seller expectations continues.”
He added: “Also impacted by the holiday season, the residential letting sector witnessed a 10% reduction in the number of prospective tenants registered.
“Regardless, there were still eight registrations for each available property. New instructions trended downward pointing to the potential for further supply constraints and the need for policies, which support and encourage private landlords.”
Emerson concluded: “The new Government has inherited a very large ‘to-do’ list with urgent interventions required in several policy areas.
“Priorities include improving the home buying and selling process, the regulation of property agents, clarification around net zero funding, and stabilising investment patterns within the private rented sector.
“We look forward to working with the new Government to tackle these and other issues.”
