Sales and valuations have remained steady despite rising interest rates and an unpredictable market, new figures from Propertymark reveal.
The statistics, 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 number of new prospective buyers registered per member branch fell slightly 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 stood 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, despite this increase in demand, there was a 19% reduction in the number of properties available to rent compared to June 2022.
This led to 57% rise in mismatch between rental supply and demand – a figure Propertymark described as ‘worrying’.
Those who did find a rental property had to pay more. The survey reveals that overall, 62% of agents reported rents increasing month on month at their branch in June.
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 slightly 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.
Propertymark says this shows that people are still eager to move home despite the current economic situation.
Chief executive Nathan Emerson says: “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.”
Analysis is based on data provided by agents specific to 94 sales branches and 101 lettings.
Propertymark is a professional body for estate and letting agents, commercial agents, auctioneers, valuers, and inventory providers comprising over 17,500 members.
