Property market shifts to ‘serious buyers and sellers’ as activity dips

The market is shifting to more serious buyers and sellers as the level of stock hits a 12-month high, Propertymark claims.

It comes as member data from the agency trade body revealed that while supply is rising, demand has dipped.

The average number of new prospective buyers registered per member branch is down from 86 in June to an average of 64 in July 2023, according to Propertymark.

In July, the average number of viewings per available property was 1.5 in July compared with three in June 2023, members reported.

The number of viewings is down 98%, Propertymark members said, while 81% reported selling homes below asking prices.

Propertymark suggests these figures indicate that those looking to buy are determined to do so and are acting quickly to secure their property.

The supply of new homes placed for sale per member branch showed a positive lift in July – now at 10 per member branch. The average number of sales agreed per member branch was also up to eight, Propertymark said.

The total stock of properties available per member branch climbed slightly to an average of 38 in July compared with 32 in June.

That is up 37% annually and the highest level in 12 months.

Nathan Emerson, chief executive of Propertymark, said:

“The sales market is remaining buoyant despite rising mortgage rates with the number of sales agreed in July at eight per member branch which is broadly in line with what was reported during the busy market period in July of 2022.

“As the number of viewings and valuations drop, this indicates a shift to only the more serious homebuyers and sellers are remaining proactive active in the market. Those properties that are currently for sale with motivated vendors in line with the market are selling quickly.”

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