Propertymark publishes its Housing Insight Report for April 2024

Propertymark publishes its Housing Insight Report for April 2024, which is based on responses to a monthly survey of their member agents.

Key statistics:
    • 14% increase in the number of market appraisals undertaken
    • 9 new prospective tenants registered per available property
    • 16% increase in the number of potential buyers registered
    • 1% decrease in the number of new tenancies signed

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. In the residential lettings sector, our members report an increase in the number of prospective tenant registrations. However, while stock levels have increased slightly, demand continues to outstrip supply.

Residential Sales – Market appraisal volumes increase:

Market appraisal volumes provide an indicator of future supply. The number of market appraisals conducted per member branch increased from 22 in March 2024 to 26 in April 2024.

Residential Lettings – Tenant demand increases:

The average number of new prospective tenants registered per member branch indicates market demand. Registrations increased from 82 in March 2024 to 90 in April 2024 suggesting that demand is increasing.

Demand continues to outpace supply

It is possible to contrast supply and demand indicators to provide an overall sense of what is happening in the market. Overall, demand continues to outstrip supply, with around 9 new applicants registered for each available property in April 2024.

Nathan Emerson, Propertymark CEO, said:

“Although the economic environment remains challenging, there is some positivity in the air.

“GDP is estimated to have grown by 0.4% in March and inflation (CPI) reduced from 3.2% in March to 2.3% in April, which is within touching distance of the Bank of England’s target.

“We remain hopeful that a much-needed reduction in the base rate will occur in the near term.

“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. In the residential lettings sector, our members report an increase in the number of prospective tenant registrations.

“However, while stock levels have increased slightly, demand continues to outstrip supply, with around 9 new applicants registered for each available property in April 2024.

“Rents continue to fluctuate although there are signs that in some areas, rents have reached a ceiling in terms of affordability.

“More broadly, our members remain concerned that some landlords are choosing to exit the sector.

“The reasons for exit are multifaceted although ongoing legislative uncertainty is undoubtedly playing a role.

“We continue to work with policymakers across the UK to highlight the critical role the PRS plays in the wider housing system and to encourage policies that can stabilise the sector’s investment patterns.”

 

Download the full report here.

 

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