Buyer demand remained resilient during April despite ongoing affordability pressures and growing geopolitical uncertainty the latest Housing Insight Report from Propertymark reveals.
The report found that prospective buyer registrations held steady at an average of 78 per member branch, while sales agreed remained broadly unchanged at 8.1 per branch.
Supply also continued to improve, with an average of 12.3 new sales instructions recorded per branch during the month and stock levels edging up to 43 available properties per office.
However, viewing activity softened. The average number of viewings per available property fell to 2.4 during April, suggesting buyers are becoming increasingly selective as higher borrowing costs continue to influence purchasing decisions.
MIXED CONDITIONS
Propertymark’s members reported mixed conditions on the ground. Agents in Staffordshire and the Home Counties highlighted growing caution among buyers amid political and economic uncertainty, while others reported stronger than expected activity from first-time buyers as rising rents continue to encourage tenants to consider homeownership.
The report also found that pricing remains critical. Just 11% of agents reported properties achieving above asking price, while 86% said homes were selling below their original asking price.
Transaction times remain a challenge, with 43.5% of member agents reporting that most sales are taking longer than 17 weeks to progress from offer acceptance to exchange.
ECONOMIC UNCERTAINTY
Nathan Emerson (main picture, inset), Chief Executive of Propertymark, says: “Despite wider economic uncertainty and inflation remaining above target, the housing market continues to demonstrate resilience.
“While viewing levels softened during April, buyer registrations and sales agreed remained broadly stable, suggesting that committed purchasers are still actively progressing transactions.
“It’s encouraging to see new sales instructions and overall stock levels increase, providing buyers with greater choice.
“However, affordability challenges remain a key consideration, particularly as higher borrowing costs continue to influence budgets and purchasing decisions.
“With a significant proportion of transactions still taking more than 17 weeks to reach exchange, there remains a clear need for continued improvements to the home buying and selling process.”
STRETCHED AFFORDABILITY
Phil Spencer, founder of Move iQ, adds: “For consumers, the picture is one of opportunity mixed with realism.
“Buyers are benefiting from a gradual increase in the number of homes coming onto the market, which means more choice and slightly less pressure than we’ve seen in previous years.
“However, with mortgage affordability still stretched for many households, it’s more important than ever to understand your budget and be prepared to act when the right property comes along.
“Sellers should take confidence from the fact that transaction levels remain healthy, but pricing accurately is crucial. The vast majority of homes are still achieving below their original asking price, showing that buyers remain value-conscious.”
