This Propertymark report covers data from July 2024, at the start of the new government and before the August rate cut had been announced.
Nathan Emerson, CEO at Propertymark, commented: “We entered July with a new government and the prospect of a reset in major housing policy areas. Despite this, and a wetter than normal July, prospective buyer registrations in the residential sales sector were up, and so too were the number of sales agreed. Reflecting seasonal trends alongside the anticipation of an August rate cut, most other sales metrics remained static. Although underlying demand remains strong, the gap between buyer and seller expectations continues.
Also impacted by the holiday season, the residential letting sector witnessed a 10% reduction in the number of prospective tenants registered. Regardless, there were still 8 registrations for each available property. New instructions trended downward, pointing to the potential for further supply constraints and the need for policies that support and encourage private landlords.”
Regarding the implementation of new policies, Emerson added: “The new government has inherited a very large ‘to-do’ list with urgent interventions required in several policy areas. Priorities include improving the home buying and selling process, the regulation of property agents, clarification around net zero funding, and stabilising investment patterns within the private rented sector.”
