"Interest rates remain challenging, GDP has stagnated and broader economic indicators, such as mortgage arrears are trending upwards."
- Nathan Emerson, CEO of Propertymark
In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce, according to the latest data from Propertymark.
Although the average number of new prospective buyers registered per branch increased considerably in January 2024, momentum appears to have stalled with fewer buyers registered in February 2024 than in February 2023. Viewing numbers also appear to have plateaued, although they are broadly in line with the same period in 2023.
Despite a 3% decrease in the number of potential buyers, agents reported an 18% increase in new properties coming to market in February compared to the previous month.
In addition, in comparison to January, the average number of sales agreed per member branch increased in February by around 19%.
Nathan Emerson, CEO of Propertymark, said: "Interest rates remain challenging, GDP has stagnated and broader economic indicators, such as mortgage arrears are trending upwards. However, there is light at the end of the tunnel, with inflation continuing to fall.
"In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. On the supply side, our members are busy with new instructions, which is increasing stock levels. This imbalance may lead to further price corrections but only in the short-term.
"As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors."
