Buyer registrations dipped in April while rental supply hit a two-year high, according to the latest Housing Insight Report from industry body Propertymark.
The average number of new prospective buyers registered per member branch fell to 87 last month, indicating a softening in demand within the sales market.
Meanwhile, average viewings per available property dropped to 2.3, and agents reported listing around 13.6 homes per branch.
While demand has cooled slightly, Propertymark highlighted an improvement in transaction efficiency.
WELCOME SHIFT
The proportion of sales taking longer than 17 weeks has fallen to 32%, down from 41% in July 2022 – a welcome shift amid ongoing calls to streamline the homebuying process.
In the lettings sector, the average number of rental properties available per branch rose to 13.46 – the highest figure recorded in two years – suggesting signs of easing pressure in the market. Demand remains strong, however, with seven applicants chasing each available property.
STABLE RENTAL PRICES
Rental prices remained relatively stable in April. Just over half (56%) of agents reported no change in rent levels, while 13% saw rents fall and 31% reported increases.
Lettings activity remained buoyant, with 93 new applicant registrations per branch, slightly ahead of the sales market.
While supply-side pressures are easing in the rental sector, affordability and demand imbalances continue to shape market dynamics across both sales and lettings.
The data paints a picture of a more balanced, if still competitive, housing market – with transactional delays improving and stock levels beginning to rebound, particularly in lettings.
