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Buyer demand holds steady in March – Propertymark

  • 18/04/2023
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Buyer demand holds steady in March – Propertymark
The average number of buyers looking for a home per estate agent was flat in March, suggesting market conditions have not put people off purchasing.

The Propertymark Housing Report for the month showed that 93 new prospective buyers registered with each of its estate agency branches on average, almost identical to the figure of 94 people in February. 

This was a rise from an average of 39 in December and 70 in January. 

The average number of property viewings also held up in March at 3.2, which was similar to the average of three viewings per property in February.  

The average number of available properties per branch rose by 29 per cent annually to 35, which was also a small rise on 32 in February and 30 in January. 

Propertymark noted this was close to pre-pandemic stock levels when estate agents had 39 properties per branch on average. 

There were 39 appraisals per branch in March, a figure which has steadily risen since December. The supply of new homes coming to market was flat at 11 per branch, while sales agreed was also flat at eight per branch. 

Again, this was noted as being similar to pre-pandemic activity. 

There was a small monthly change when it came to properties selling below, higher or at their asking price. In March, 75 per cent of agents said most sales were below the agreed asking price. 

Nathan Emerson (pictured), CEO of Propertymark, said: “With the number of sales and appraisals month-on-month remaining healthy, a strong appetite continues within the sales market.

“The total number of properties for sale is edging back to pre-pandemic levels which is positively supported by an increase in market appraisals being undertaken.” 


Rental market 

Across the lettings market, there was an average of 106 prospective tenants registered per estate agent branch, while the number of available properties was flat at 10. 

Emerson added: “In the lettings sector, the issue of undersupply remains with no movement seen in the number of properties available to rent.”  

This meant an average of 10 tenants were registering for each property. 

Some 58 per cent of agents said rents had increased since the previous month. 

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