"The new year has arrived and those who had delayed selling, buying, and renting in November and December 2023 have returned to the market on mass"
- Nathan Emerson, CEO of Propertymark
The average number of new prospective buyers registered per estate agency branch increased by 120% in January, according to the latest figures from Propertymark.
New supply also increased by around 79% on December's low, with around 8 homes placed for sale per member branch in January. This is broadly in line with activity levels witnessed in 2022 and 2023.
Propertymark also recorded a 129% increase in the number of market appraisals undertaken and, with stock levels also up, there is a healthy pipeline of properties ready to meet increased buyer demand., Propertymark says.
Nathan Emerson, CEO of Propertymark, commented: "The new year has arrived and those who had delayed selling, buying, and renting in November and December 2023 have returned to the market on mass. However, there has been little change in the economic environment that households must contend with - interest rates are stable but are higher than those seeking mortgages or remortgages would prefer; inflation remains some way off UK Government targets, and GDP performance has been lacklustre. To complete this picture, the global geopolitical and economic landscape remains challenging.
"In the residential sales sector, there has been a 120% increase in the number of potential buyers registered. On the supply side, there has been an 80% increase in the number of properties coming to market. However, whilst the gap is closing, there remains a mismatch between valuations and market expectations, with most members noting that properties are still selling at below asking price."
