Saturday, February 24, 2024

Housing market cooling down, says Propertymark

Housing market

The average number of viewings came to 4.4 in June, a fall from 6.2 in April, according to the report from Propertymark

According to Propertymark’s report for June, around 27 per cent of branches said they had reported that most sales were completed below the asking price, which compares to a low of 15 per cent in March.

The report also found that the number of new buyers registering per member branch has also dipped in June to 73, down from 100 in April and 90 in May.

It said that this is what estate agents would expect from a ‘traditional market’, as buyer numbers would peak in Spring and trail off in summer.

The report added that the average number of viewings came to 4.4 in June, a fall from 6.2 in April.

The average number of agreed sales in June was nine, which is the same as the previous two months, which replicates the pre-pandemic figure.

Sales agreed as a percentage of stock came to 33 per cent, which compared to the pre-pandemic average of 17 per cent in June.

The average number of properties available to buy per member branch was pegged at 26 in June, and number of new instructions remained stable at 10 in June, which is in-line with the last three months.

The report said that time to exchange had lengthened, with nearly three quarters, 72 per cent, of member branches saying that ‘average time to offer accepted’ to exchanging contracts in May was 13 weeks or more. This is up from 54 per cent in March.

Nathan Emerson, chief executive of Propertymark, said: For the past two years agents have seen a relentless market which defied patterns that we as practitioners had become accustomed to.

He said: However, this summer is seeing seasonal trends return. This cooling down is allowing the number of homes available to buy to recover, and interestingly, a subtle but telling change is in the prices being achieved.

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