UK residential sales were higher than during the same period last year.
According to Propertymark’s Housing Insight Report for August 2024, UK residential sales transactions were almost 10% higher than for the same period in 2023.
Key statistics from the report include the fact that, in August 2024, there was a 40% uplift in new sales instructions per member branch, and stock levels grew, with an average of 48 properties for sale at each member branch. This represents the highest number across the past 24 months.
The average number of new prospective buyers registered per member branch remained static in August, at 71, when compared to the previous month, and average viewing numbers also remained the same, at 91 per member branch in August. However, there was an increase in the average number of viewings per available property, rising to an average of 3.8, when compared to the month beforehand.
Affordability challenges
However, while this is good news for house sales, the report highlights that affordability remains an ongoing challenge, with 38% of adults stating they found it ‘very or somewhat difficult’ to afford their mortgage or rent payments between the dates of 7 August and 1 September 2024.
‘Although the year to date has seen the economy take a more stable footing, which has assisted in bringing an enhanced level of consumer confidence to the housing market, it is important to consider there are still challenges ahead,’ says Propertymark CEO, Nathan Emerson, in the report. ‘We remain at the very start of the trajectory regarding more favourable base rates and only at the starting blocks regarding the UK Government’s ambition regarding their new house-building targets. It remains imperative that immense effort is placed on upscaling a workforce to take the challenge of creating nearly two million homes across the next five years.
Planning regulations
‘With a new UK Government now in situ, there will be a mass evolution for the entire housing sector over the coming five years in terms of planning regulations, building safety, taxation, aspirations to achieve net zero and legislation such as the Renters’ Rights Bill. Fundamentally, the housing sector is about to embark on its biggest transformation for many decades, and it remains important that all ambitions are objective and measurable and that they provide balance and fairness throughout. It remains critical that future direction is driven by data insight and wide-ranging stakeholder engagement, to ensure housing remains accessible and workable for both residents and investors equally.’
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