The UK housing market remained resilient but subdued in November, with sales activity easing slightly while rental demand continued to outstrip supply, according to the latest Housing Insight report from Propertymark.
On the sales side, the average number of homes placed on the market held steady at around 10 per member branch, while sales agreed slipped modestly to 6.8 per branch, a decline Propertymark attributes to seasonal normalisation rather than weakening demand.
Market appraisals rose to an average of 22 per branch, pointing to a pipeline of future supply despite overall stock levels edging down to 41 properties per branch.
Buyer demand cooled slightly, with new prospective buyer registrations falling to an average of 57 per branch.
TIME TO EXCHANGE
Viewing levels were broadly unchanged month on month, at 2.1 viewings per available property, while just 8% of homes achieved above asking price, with 83% selling below it.
The average time taken to reach exchange remained elevated, with more than 36% of transactions taking longer than 17 weeks, although there were early signs this was beginning to ease.
In lettings, conditions remained tight. The number of properties available to rent rose marginally to 10.82 per branch, but demand continued to far exceed supply, with an average of six applicants chasing each home.
New prospective tenant registrations increased to 68 per branch, while the number of new tenancies agreed dipped slightly to 7.44.
MIXED PICTURE
Official data showed UK rents were 4.4% higher than a year earlier in November and up 0.4% on the month, although Propertymark members reported a more mixed picture on the ground, with nearly half saying rents were broadly static and 31% reporting falls.
Rental arrears rose slightly to 2.2% of properties managed, while void periods remained flat at 3.4 weeks.
The wider economic backdrop remains finely balanced. The Bank of England base rate was held at 4% in November, inflation eased to 3.2%, and GDP dipped marginally.
Mortgage data showed a slight increase in gross advances, but affordability pressures persist, with 35% of adults reporting difficulty meeting rent or mortgage payments.
RESILIENT BUT MEASURED
Nathan Emerson (main picture), chief executive of Propertymark, says: “November’s figures point to a housing market that remains resilient but measured.
“The slight dip in agreed sales reflects seasonal normalisation rather than weakening demand, whilst the steady flow of new listings shows that sellers are still confident enough to test the market.
“In lettings, the gradual rise in available stock is a welcome sign, but with demand continuing to outstrip supply in many areas, affordability pressures for tenants remain acute.
“These figures reinforce the need for long-term policy certainty to support both buyers and renters, alongside a stable operating environment for agents on the front line.”
CALM BUT COMPETITIVE
And Phil Spencer, Founder of Move iQ, adds: “For buyers and renters, this data shows a market that’s calmer than the highs of recent years, but still competitive.
“With more homes coming onto the market and slightly fewer sales being agreed, buyers may find they have a bit more breathing room to negotiate, particularly if they’re well prepared.
“For renters, any increase in available properties is positive, but choice remains limited in many locations, so acting quickly and understanding your budget is still key. Whether buying or renting, consumers who take the time to get good advice and stay flexible are best placed to make confident decisions in the current market.”
