Propertymark has released its latest housing insight report revealing that demand for property is increasing, as market activity shows tentative signs of recovery.

The data reveals that the average number of new prospective buyers registered per member branch rose from 39 in December to 70 in January. This jump in demand is a regular seasonal trend and suggests buyers have been waiting in the wings to start the hunt for their ideal home in the New Year.

The average number of viewings per property also rose in January compared to December. The average last month was 2.9 compared to a December low of 1.8.

But while demand rose, supply of housing also increased, up 80% from December to January. The average number of new instructions per member branch picked back up to nine in January, compared to just five in December.

The average number of sales agreed per member branch rose to six in January compared to a December low of four.

In January, 73% of responding agents reported that most sales were agreed below the asking price.

As far as the letting sector is concerned, Propertymark reports that January saw the usual rise in demand.

Some 108 new applicants were registered per member branch on average in January, compared to just 64 in December. The 108 recorded is only 9% lower than the figure in January 2022, suggesting demand remains strong in light of recent price increases.

The number of properties available to rent per member branch remained steady at 10 in January. However, the steady state of supply cannot match rising demand, with an average of 11 prospective tenants registering for every available property in January.

Just over half – 52% – of member agents reported rents remaining the same month-on-month on average at their branch in January.

Nathan Emerson, CEO of Propertymark, commented: “January’s market has picked up pace with Propertymark estate agents
reporting sales agreed up 50 per cent from December.

“Serious buyers are still very much in the market, but more homes are coming up for sale, meaning competition is considerably lower that what we have previously seen. This provides buyers with all important purchasing power, but sellers are still comfortably gaining with prices still higher than pre-pandemic levels.

“The number of applicants looking for to rental property rose sharply in January, and although we have seen a slight increase in the number of properties available per member branch, it is nowhere near enough to keep in line with high demand.”