Propertymark’s Housing Insight Report for July has been published.
It shows that the average number of viewings per property for sale was just 1.5 in July compared to an average of 3 in the previous month.
EYE readers will know their own viewing/sales ratios but if it is assumed to be somewhere in the region of 10:1 the prospects for the volume of sales agreed in the coming weeks look potentially grim.
Propertymark says that the average number of new prospective buyers registered per member branch was 64 in July 2023, down from 86 in June 2023 and
The total stock of available sales properties per member branch climbed slightly to an average of 38 in July compared to 32 in June.
Instructions showed a lift in July – at ten per member branch and the average number of sales agreed per member branch also showed an uplift to eight in July.
The number of new prospective tenants registered per member branch showed a sizable jump. July 2023 showed an average of 187 prospective tenants registering compared to 127 in July 2022.
The number of properties available to rent per member branch increased slightly in July to an average of 14.
Propertymark’s CEO, Nathan Emerson commented:
“The sales market remains buoyant despite rising mortgage rates with the number of sales agreed in July at eight per member branch, this is broadly in line with what was reported during the busy market period in July 2022. As the number of viewings and valuations drop, this indicates a shift to only the more serious homebuyers and sellers are remaining proactive in the market. Those properties that are currently for sale with motivated vendors in line with the market are selling quickly.
“In the lettings market, we continue to see an alarming disparity in the number of homes available to rent when compared with growing demand from prospective tenants. The number of prospective new tenants is up by 38 per cent in July compared to the same time last year, yet the number of properties available per member branch has risen by only 24 per cent meaning this gap is continuing to widen from already worrying levels.
“This mismatch in supply and demand is putting pressure on rents with six per cent of tenants per member branch falling into arrears doubling compared to February 2023. Governments across the UK need to urgently address the fundamental problem of undersupply and look to adequately incentivise the provision of desperately needed homes in the private rented sector.”
