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Housing Insight Report: February 2024

Published: 03/04/2024 By PropertyMark

Housing Insight Report: February 2024


In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. Rents continue to fluctuate by location and property type, although there are some signs of stabilisation. As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors.

Housing Insight Report, February 2024.jpg


RESIDENTIAL SALES


Prospective buyer registrations stall, although the average number of new prospective buyers registered per branch increased considerably in January 2024, momentum appears to have stalled with fewer buyers registered in February 2024 than in February 2023. Viewing numbers also appear to have plateaued, although they are broadly in line with the same period in 2023.

RESIDENTIAL LETTINGS


Tenant demand decreases as the number of new prospective tenants registered per member branch fell from 97 in January 2024 to 89 in February 2024. Stock levels continue to fluctuate albeit within long-run parameters. Demand continues to outpace supply, as although the average number of new applicants registered per member branch decreased in February 2024, the reduction in stock levels means that demand continues to outstrip supply. On average, there were around 10 new applicants registered per member branch for each available property in February 2024, which is around the same number as in February 2023.

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