Buyer demand weakened in June as affordability pressures and economic uncertainty continued to affect the housing market, according to Propertymark.
The average number of new prospective buyers registering at each member branch fell to 55 during the month, while viewings remained broadly unchanged at 2.1 per available property.
Despite the decline in registrations, the average number of sales agreed remained broadly stable at 7.8 per branch.
Propertymark’s Housing Insight report also showed 84% of member agents reported properties selling for less than their asking price in June, while 9% reported homes achieving the asking price.
Around 35.4% of agents said most of their agreed sales were taking more than 17 weeks to progress from offer acceptance to exchange.
Supply changed little, with an average of 9.5 homes newly placed on the market per member branch during June and total stock remaining at 42 properties per branch. Market appraisals, an indicator of potential future supply, averaged 22.
Phil Spencer, founder of Move iQ, said: “June’s figures show a housing market that is still moving, but where buyers and renters remain cautious.
“Buyer registrations dipped, while viewings and sales agreed stayed broadly steady, highlighting that demand hasn’t disappeared but buyers are increasingly selective and realistic pricing remains crucial.”
Affordability remained a significant pressure, with 31% of adults reporting between 3 and 28 June that they found it “very or somewhat difficult” to afford their rent or mortgage payments.
Nathan Emerson, chief executive of Propertymark, said: “A key concern over the last few months has been witnessing both the number of mortgage approvals dip and the overall volume of mortgage lending fall significantly.
“This will very likely shape market sentiment in the coming months, and it remains something to watch closely, especially with the Autumn Budget fast approaching.”
