Property Trends Show Promising Growth Despite Persistent Asking Price Gaps
Market Update: Recent research from Propertymark indicates a positive shift in the property market, with market appraisals and sales agreed now exceeding pre-September 2022 mini-Budget levels.
Key Findings from Market Update:
- Market Appraisals: Increased from 22 in March 2024 to 26 in April 2024 per branch, compared to 25 in August 2022 and 24 in April 2023.
- Sales Agreed: Rose to nine per branch, the highest in two years.
- Listings: Approximately 12 homes were placed for sale per branch in April 2024, the highest since last summer.
- Buyer Registrations: New prospective buyer registrations increased from 76 in March 2024 to 88 in April 2024.
- Viewings: Averaged three per available property in April 2024, down from six in April 2022.
However, Propertymark highlights that nearly 80% of agents are still selling homes below their asking prices, indicating a persistent gap between asking prices and market expectations.
Nathan Emerson, Chief Executive of Propertymark, comments on the market update: “April saw a surge in activity with increased buyer registrations, new sales instructions, and sales agreed. Yet, challenges persist. The gap between asking prices and market expectations is narrowing but needs further adjustment. For those aiming to move before Christmas, it’s crucial to act now due to extended exchange times.”
As local independent agents, we continue to monitor these trends closely to provide our clients with the best possible advice and service in the evolving market.
Further related reading:
- Propertymark Official Website
- Office for National Statistics Housing Data (Office for National Statistics)
- UK House Price Index (Gov.uk)
