The UK housing market is showing signs of resilience on the surface but agents are facing mounting pressure as transaction timelines stretch to record levels according to the latest Propertymark data.
Sales agreed rose to an average of 7.3 per branch in February, despite a slight dip in new buyer registrations to seven.
Stock levels also remained stable at 39 properties per branch, while new instructions edged up, suggesting a market that is still functioning but under strain.
The real pressure point is the time it takes to get deals over the line. A total of 43% of transactions are now taking more than 17 weeks to reach exchange, marking a new peak and creating growing challenges for agents managing pipelines.
LONGER TRANSACTION PROCESS
Nathan Emerson (main picture, inset), CEO of Propertymark, says: “The latest Propertymark data highlights a market that is showing resilience in activity levels, with sales agreed ticking up to an average of 7.3 per branch despite a slight softening in new buyer registrations.
“However, the most notable and pressing issue for agents is the continued elongation of the transaction process. With 43% of sales now taking more than 17 weeks to reach exchange, this represents a new peak and underlines ongoing inefficiencies within the system.”
Affordability pressures and global uncertainty are compounding the issue, with borrowing costs continuing to shift against a backdrop of geopolitical instability.
Emerson adds: “Affordability remains stretched for many households, and ongoing global economic uncertainty continues to influence borrowing costs, adding further complexity to the landscape that agents and their clients must navigate.
“For property professionals, these factors, combined with extended transaction timelines, are increasing fall-through risks and placing additional strain on pipelines.”
STRETCHED AFFORDABILITY
Phil Spencer, Founder of Move iQ, says the impact is being felt directly by buyers and sellers navigating the system.
He adds: “What stands out this month is that while deals are still being agreed and the market is moving, the journey to actually completing a purchase is taking longer than ever.
“For buyers and sellers, waiting over 17 weeks to exchange contracts can feel incredibly frustrating and uncertain, especially when you’re trying to plan your next move or manage finances.”
And he says: “At the same time, many households are feeling the strain of stretched affordability, and with global uncertainty continuing to put upward pressure on interest rates, it’s becoming harder for people to budget with confidence. That combination of higher costs and longer timelines can make the whole process feel daunting.”
DEMAND AND SUPPLY
In the lettings market, the imbalance between supply and demand remains entrenched. While fully managed instructions saw a modest increase, available stock continues to lag well behind tenant demand.
Emerson adds: “In the lettings sector, while we are seeing a modest increase in fully managed instructions, supply remains constrained, and demand continues to significantly outpace availability.
“Overall, these figures reinforce the need for continued focus on improving transaction speeds, boosting housing supply, and supporting affordability across both sales and lettings markets.”
Spencer adds: “In the rental market, demand still far outweighs supply, meaning tenants are facing tough competition and limited options.”
