Propertymark: urgent interventions needed in several housing areas

Propertymark has reported on the state of UK housing and says that urgent interventions are needed in several housing areas.

Propertymark has highlighted the Government’s “very large” to-do list when it comes to the housing market.

It comes as the latest member data from the agency trade body for July paints a mixed picture of the market amid the General Election and ahead of the August interest rate cut.

Nathan Emerson, chief executive of Propertymark, said:

“The new Government has inherited a very large ‘to-do’ list with urgent interventions required in several policy areas.

“Priorities include improving the home buying and selling process, the regulation of property agents, clarification around net zero funding, and stabilising investment patterns within the private rented sector.

“We look forward to working with the new Government to tackle these and other issues.”

Propertymark’s latest Housing Insight Report shows the average number of new prospective buyers registered per branch increased from 69 in June 2024 to 71 in July 2024, while agents have reported a marginal increase in sales agreed.

Average viewing numbers remained largely static at 93 per branch in July. So too did the average number of viewings per property, the report said.

New supply, as measured by new sales instructions, is largely static compared to the previous month. On average, around 10 homes were placed for sale per member branch in July 2024, Propertymark said.

Stock levels for July 2024 remained largely unchanged with an average of 41 properties for sale at each branch.

The number of market appraisals conducted per member branch also remained around at 22 in July 2024.

Emerson added:

“We entered July with a new government and the prospect of a reset in major housing policy areas.

“Despite this, and a wetter than normal July, prospective buyer registrations in the residential sales sector were up, and so too were the number of sales agreed.

“Reflecting seasonal trends alongside the anticipation of an August rate cut, most other sales metrics remained static.

“Although underlying demand remains strong, the gap between buyer and seller expectations continues.”

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