Propertymark publishes its Housing Insight Report for August 2023

Propertymark publishes its Housing Insight Report for August 2023, with sales showing early momentum and lettings demand outstripping supply.

Headline figures:
    • 29% increase in the number of new properties for sale at each member branch compared with previous month
    • 9% increase in the number of sales agreed per member branch compared with previous month
    • 68% of member branches felt rents have risen month on month
    • 5% increase in the number of potential new tenants actively looking for a new property compared with last month
Sales – Early signs of forward momentum :
    • The average number of new prospective buyers registered per member branch is up to an average of 81 in August 2023 from 64 in July 2023.
    • The number of viewings per property is also starting to show potential early signs of forward momentum once again.
    • Properties available per member branch showed a positive climb to an average of 45 in August 2023 compared to 38 in July 2023.
Lettings – Demand continues to out strip supply:
    • August 2023 had an average of 197 prospective tenants registering compared to 149 in July 2022.
    • The number of properties available to rent per member branch dipped in August to an average of 11.
    • 69% of responding agents reported rents increasing month-on-month on average at their branch in August 2023.
Nathan Emerson, CEO, Propertymark, comments:

“The sales market is strong as we see a 29% rise in the number of new properties for sale when compared with last month.

“This shows that many people are continuing to find an affordable middle ground when coming to the market with negotiations well underway.

“We imagine this picture will only get stronger with more sales completing in the coming months given the recent positive news of inflation rates remaining unchanged.

“This will give much needed encouragement to those buyers who were hesitant.

“As for the lettings market, the picture remains the same.

“There has been little urgency from governments across the UK to address the supply and demand issue by incentivising investment for landlords.

“We continue to see this gap widen as more people come to the market to look for a home, with very few properties available to rent.

“This continues to put pressure on rents as 68% of our member branches felt rents have risen compared to last month.”

 

See the full Propertymark Housing Market Insight Report for August 2023 here.

 

Kindly shared by Propertymark