Propertymark publishes its Housing Insight Report for December 2023

Agency trade body Propertymark has announced the publication of its Housing Insight Report for December 2023.

Key statistics:

This report is based on responses to a monthly survey of Propertymark member agents. Analysis is based on data provided by around 100 sales and 100 letting agents across the UK.

December marks the end of an interesting and challenging year within the property market. In the wider economy interest rates have stabilised, however, inflationary concerns remain, and GDP growth has been anaemic. In response to these and other factors, house prices have fallen in some areas. In the PRS, tinkering by the UK and devolved governments and continued strong demand has caused rents to rise.

Residential sales:

UK house prices continue to fall

the average UK house price is continuing to trend downward from recent highs. However, that the trend is not common to all constituent parts of the UK. Specifically, whilst there have been notable falls in England and Wales between November 2022 and November 2023, there has been positive growth in Scotland during the same period. 

Reduction in prospective buyer numbers due to seasonal trends

The average number of new prospective buyers registered per branch reduced from 49 in November to 34 in December. Seasonal impacts are clear, although there is a broader downward trend. Viewing numbers dropped off in December as many potential buyers stopped house hunting and refocused on Christmas shopping.

Residential lettings:

Tenant demand is down

The established downward seasonal trend continued into December 2023. The number of new prospective tenants registered per member branch reduced to 63 from 86 in the previous month (November 2023).

Stock levels down but within recent parameters

As with demand, stock levels have followed downward seasonal trends with a marginal reduction in the number of properties available in December when compared to the previous month. It is worth noting that the stock level in December 2023 (around 9) is in line with the December 2022 figure. 

However, demand (in the form of prospective tenant registrations) outstrips these stock levels. On average, there were almost 7 new applicants registered per member branch for each available property.

Download the full report here.

Kindly shared by Propertymark