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The next few months are likely to prove busy for estate agents, based on sales stock coming to the market, while consumers are showing that they are keen to stay ahead of stamp duty threshold changes due in England and Northern Ireland in April 2025, according to Propertymark.
The group’s CEO, Nathan Emerson, points to greater economic stability as well as confidence and affordably, as key factors supporting property market activity, but warns that there are still challenges ahead owing to planned legislative changes.
He said: “The entire housing sector is about to embark on some of the biggest changes seen in over thirty years with new planning reform for England and Wales working its way through parliament, which will pave the way for the UK government to start delivering their ambition of over 1.5m new homes before 2029.
“Similarly significant legislation that will impact the lettings market across England is also moving at pace through Westminster in the form of the Righters’ Rights Bill. This will fundamentally change key rights for both renters and landlords and it remains imperative that this new Bill strikes a workable and fair balance for all involved.”
The latest data from Propertymark shows that the average number of new prospective buyers registered per member branch saw an uplift in November 2024 to 108 per member branch.
On average, there are now around 11.3 homes placed for sale per member branch in November 2024.
As far as the sales market is concerned, the average number of viewings per available property fell slightly, which was down to an average of 2.1 for November 2024.
The average number of market appraisals conducted per member branch in November 2024 stood at 20.
Meanwhile, overall, stock levels and the average number of properties available for rent at each member branch, jumped to a two-year high of 13 in November 2024 .
Registrations dropped to 92 in November 2024 when compared to 93 in October 2024, the data also revealed.
In November 2024 average UK rents were 9.1% higher than in November 2023.
The average number of new tenancies agreed per member branch stayed broadly static at 9 in November 2024.
Emerson added: “The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK. Throughout the last twenty years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”
Propertymark wants to see interest rates cut to ‘spur growth in 2025’
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