Agent activity improves but asking prices remain an issue – Propertymark
Estate agent activity is improving but asking prices remain an issue, according to the latest analysis by Propertymark.
The number of market appraisals and sales agreed among estate agents are now back above levels seen before the September 2022 mini-Budget rattled financial markets, research suggests.
However, gaps remain between asking and sold prices, Propertymark claims.
The latest member data from the trade body shows the number of market appraisals conducted per member branch increased from 22 in March 2024 to 26 in April 2024.
In contrast, the figure was at 25 in August 2022, a month before the 2022 mini-Budget, while it is also higher than the 24 recorded this time last year.
The number of sales agreed has also increased to nine per branch, the highest level for the past two years.
On average, around 12 homes were placed for sale per member branch in April 2024, the highest since last summer.
However, Propertymark warns that while the gap between asking prices and market expectations is narrowing, it “remains significant”, with almost 80% of agents reporting selling homes below what they were listed for.
Looking forward, Propertymark said the average number of new prospective buyers registered per branch increased from 76 in March 2024 to 88 in April 2024 but viewing numbers reduced marginally in April 2024 to three per available property. That is half the figure reported in April 2022.
Nathan Emerson, chief executive of Propertymark, said:
“The residential sales sector has seen an early flurry of activity in April with prospective buyer registrations, new sales instructions, and the number of sales agreed all increasing.
“However, challenges remain.
“Although the gap between asking prices and market expectations continues to narrow, further realignment is required to keep the market moving.
“Furthermore, those seeking to move home before Christmas, need to be cognisant of elongated exchange times and act now.”
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