Economic uncertainty continues to pervade the UK economy and housing markets, according to the latest Housing Insight Report.

The analysis – which is based on responses to a monthly survey of Propertymark member agents – found that seasonal trends were “undoubtedly weighing on market performance” in the residential sales sector towards the end of last year. 

In the lettings sector, meanwhile, supply and demand remained “relatively static but imbalanced”.

According to the data from November 2023, the average number of new prospective buyers per branch continued to decline, with registrations reducing from 53 in October to 49. While exacerbated by seasonal factors, a downward trend has been evident for some time, the report said.

The average stock of properties available for sale per member branch also decreased, with a 14% drop between October and November. 

There were on average just six new homes placed for sale per branch in November, a 26% drop on October’s figure. Supply has decreased month on month since August 2023 and although seasonal trends were evident, the market is clearly “in a cooling phase”, the report said.

The number of sales agreed per branch fell again in November. However, there was a slight contraction in the number of agents reporting that properties were selling for less than asking price and a moderate increase in those reporting that properties were selling at asking price. 

On the lettings side, stock levels remained “challenging”, with a “significant shortage”. On average, there were almost nine new applicants registered per member branch for each available property. However, the report pointed out that these figures do not consider applicants already registered and seeking to rent within the PRS.

The “rental price correction” continued, said the report, with fewer agents seeing rents rise in their branches during November than in either October or September. In fact, more saw rents falling in their branches during November than in October and September.