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Demand from buyers on the up

Demand from buyers on the up
Christina Hoghton
Written By:
Christina Hoghton
Posted:
03/05/2024
Updated:
03/05/2024

Demand increased within the residential sales sector in March, according to Propertymark.

In the trade body’s latest Housing Insight Report for March, it noted a rise in the number of buyers registered and the number of viewings per property.

Propertymark added that UK house prices have increased marginally during the same period.

The average UK house price increased by £1,216 to £280,660 in February 2024. This is almost eight times the average annual gross earnings based on data from Office for National Statistics (ONS).

Nathan Emerson, CEO of Propertymark, said: “Interest rates remained static in March 2024, and although the changes were small, GDP and inflation continued to move in the right direction.

“Barring global shocks, we remain optimistic that inflation will continue its downward trend, eventually allowing for interest rates to be reduced.”

Falling supply

On the supply side, new instructions decreased slightly, said Propertymark. Stock levels also fell, but remain on par with the same period last year.

In the lettings sector, tenant demand decreased, and stock levels increased marginally. However, demand continues to outpace supply overall, with nine new applicants registered for each available property, said the association.

Related: Mortgage lending supply and demand rose in Q1 2024