The October Housing Insight Report from Propertymark has revealed a surge in sales activity as the market headed into the New Year, showing a trend different from those typically seen during winter months.
Buyers and sellers, particularly in England and Northern Ireland, are pushing through sales to save potentially thousands of pounds before upcoming changes to Stamp Duty thresholds in April 2025, which has led to increased activity in the market.
Sales volumes across the country increased, with the provisional estimate for October 2024 being 23% higher than October 2023.
Stock levels rose slightly, averaging 49 properties available per member branch.
There was also a slight uptick in the average number of viewings per available property, which rose to 2.5 in October 2024.
In terms of lettings, 55% of member agents reported that rents remained generally static, while the average number of new prospective tenants registered fell to 93 in October 2024 from 113 the previous month.
Despite this drop in registrations, demand continued to outpace supply, with approximately nine applicants for each available property.
In addition, the report found that the average number of new prospective buyers registered per member branch was 100, with an average of 13 homes placed for sale.
Additionally, the average number of new tenancies agreed per branch stood at nine.
Nathan Emerson, CEO Propertymark, said: “As we head into the New Year, the sales market is set to see a trend unlike those historically seen across the winter months, with buyers and sellers, especially across England and Northern Ireland, pushing their sales and purchases through to save potentially thousands of pounds before the changes to Stamp Duty thresholds take effect from April 2025.
“Affordability continues to improve for many across the country and with that, so has activity.
“Prices may fluctuate to align with home movers’ desires and budgets, and we expect to see a healthy and adaptable market in 2025.
Emerson added: “In the lettings market, some positive trends are emerging despite the continued problematic landscape of undersupply and rising demand.
“Agents report a healthy number of rental properties on their books that currently are not witnessing widespread rental increases.
“This has been a key issue due to landlords’ raised mortgages and other costs requiring them to push up rents to, in many cases, so they just, break even.
“We continue to raise concerns regarding the lack of support for investors, as demand from renters continues to rise against a backdrop of static stock levels.”
Article taken from The Intermediary Online - Written by Marvin Onumonu
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