The average UK house price increased by £3,453 to £285,201 in May 2024, according to the latest housing insight report from Propertymark.

The report, based on responses to a monthly survey of Propertymark member agents, shows the average house price remains at around eight times the average annual gross earnings in the UK.

The average number of new prospective buyers registered per branch decreased from 74 in May 2024 to 69 in June 2024. 

Some 42% of adults reported finding it “very or somewhat difficult” to afford their rent or mortgage payments between 5th and 30th of June 24.

Overall, demand continues to outstrip supply, with around nine new applicants registered for each available property in June 2024.

New supply, as measured by new sales instructions, decreased on the previous month. On average, around 10 homes were placed for sale per member branch in June 2024.

The number of market appraisals conducted per member branch decreased from 24 in May 2024 to 22 in June 2024.

In lettings, the average number of registrations increased from 97 in May 2024 to 99 in June 2024.

In June 2024, average UK rents were 8.6% higher than in June 2023 and 0.7% higher than in June 2024.

However, rents continue to fluctuate by market and region. In the main, members reported seeing rents remain static (52%) or increase (38%) in June 2024.

Nathan Emerson, Propertymark CEO, commented: “June marks the beginning of the Great British Summer and a seasonal change in the activity of home buyers. Key demand metrics, including the number of prospective buyer registrations and the number of viewings, have reduced slightly as consumer attention turns to the holiday season.

“In the residential lettings sector supply and demand remains imbalanced, with tenant demand increasing in June and stock levels marginally decreasing. Rents continue to rise overall, but there are clear regional and market variations. 

“Overall, we share our members’ optimistic outlook for each sector and look forward to working with the new government to drive positive change within the housing system.”