Sales and valuations have remained steady despite despite greatest uncertainly in the sales market the mismatch between supply and demand in the rental sector continues, new figures from Propertymark reveal.
The data, based on responses to a survey of Propertymark member agents, shows no change in the number of valuations conducted per member branch in June compared to May.
Overall, the average volume of new prospective buyers registered per member branch dropped marginally to 69 in June, down from 86 in May and a 5% reduction compared to June 2022.
The average number of viewings per property also fell – to 2.6 in June compared to 3.3 in April.
However, the average number of sales agreed per member branch remained at seven in June – unchanged from the previous month.
Meanwhile the rental market showed strong growth, with the an average of 118 new prospective tenants registered per member branch compared to 113 in May.
This was also a 27% rise from June 2022.
However, the widening supply-demand imbalance in the rental sector remains a major issue.
Despite greater demand from renters, there was a 19% drop in the number of properties available to rent compared to June last year.
This led to 57% rise in ‘worrying mismatch’ between rental supply and demand, according to Propertymark.
The general shortage of properties to rent is placing upward pressure on rents.
According to the survey, overall, 62% of agents reported rents increasing month-on-month at their branch in June. But while this remains high, it is still down from 68% in May 2023 and 80% in June 2022.
The total stock of properties available per member branch fell marginally to 32 on average in June compared to 36 in May.
However, properties available for sale remain 23% higher than in June 2022.
Finally, the average number of market appraisals conducted per member branch remained steady at 22 in June.
Nathan Emerson, CEO Propertymark, commented: “Despite disappointing national economic news reported in June, it is encouraging to see that the number of valuations for sale conducted per branch has remained steady. It is clear that a core portion of the country are still looking to get moving and are not put off by current conditions. And, of course, those coming to the market with a home to sell are most often also looking to buy, which keeps the wheels of the market turning for all.
“In terms of lettings, the number of properties available to rent is 19% lower than last year, while the number of new prospective tenants registering per member branch is up 27% over the same period.
“This worrying mismatch between supply and demand continues to put pressure on rents. UK Governments need to stop tinkering around the edges of the problem and look to adequately incentivise the provision of desperately needed homes in the private rented sector.”
