Prospective house buyer numbers drop sharply in September
The number of prospective buyers registered with estate agents fell significantly in September, a report revealed.
According to the the latest housing insight report from Propertymark, member estate agent branches had an average of 60 interested buyers signed up in September, down from the 81 reported in August.
This was accompanied by a drop in stock at member branches too, with the number of properties for sale dropping by 14 per cent over the month. Despite this the number of viewings taking place on average remained on par with the August levels.
Of sold properties, a little over three quarters (76%) went for less than the asking price.
With the rental market, typical branches have 11 properties available to rent, the same level as in July and August. However, these branches have an average of 96 new prospective tenants registered with them.
Propertymark: ‘Ongoing market uncertainty’
Nathan Emerson, CEO of Propertymark, said that the reduction in available properties to buy was a reflection of “ongoing market uncertainty”, though he suggested this would level out shortly.
He continued: “More concerningly, the vast majority of properties continue to sell below asking price pointing to a pricing correction despite average house prices continuing to rise.”
On lettings, Emerson criticised Governments across the UK for ‘tinkering’ with legislation around the rental market, which is disincentivising landlords.
“Supply remains tight with far more applicant registrations than properties available. Pressure on rents continues although there are some signs of restraint in this month’s figures compared to last month,” he concluded.