Analysis from Lomond comparing the first quarter of 2023 with the same period a year ago has revealed positive trends in both sales and lettings across the agency’s network.
There has been an overall increase in instructions per branch, applicants, exchanges, valuations, and viewings in sales, according to Lomond’s inaugural Quarterly Insight report, produced in partnership with data analysts Dataloft.
Similarly, lettings have reported increases in instructions, applicants and tenancies per branch, as well as applicants and viewings per instruction.
One notable highlight from the report is the significant increase in sales and letting applicants. Sales applicants have risen by 47.65%, with an average of 189 applicants per branch.
Manchester and the North West emerged as the most in-demand region, with 248 applicants per branch. Letting applicants have seen an even more substantial increase of 90.97%, with an average of 275 applicants per branch.
The South Coast topped the regional table of demand with an average of 375.42 applicants per branch, almost double the number in Scotland.
The report also shed light on the dynamics of the rental market, where the demand-supply imbalance continues to be a significant factor. Although greater renter affordability is expected to soften the rate of rent rises in the coming months, Lomond predicts that the trajectory for prices remains positive.
The report highlights that on average, three new applicants register with each of Lomond’s branches every day, indicating sustained demand in the rental market.
Lomond’s analysis also reveals that many landlords are opting to raise rents by less than the current market rate for tenants who renew their leases, suggesting a cautious approach to rental increases in line with renter affordability concerns.
In the sales market, Lomond predicts a stabilisation in the number of homes taken off the market, with an increase from 33.8% to 41.4% year-on-year, indicating a steady mortgage market.
