Demand for rental homes strengthened in April, while activity in the sales market remained more subdued, according to the latest data from Propertymark member agents.
In the lettings sector, the average number of prospective tenant registrations rose to 86 per branch during April, highlighting continued competition for available rental stock. Despite a slight increase in supply, the number of properties available to rent remained low at an average of 12.65 per branch.
Lettings agents also reported an average of 12.3 viewings for every available rental property, underlining the ongoing imbalance between supply and demand. The average number of new tenancies agreed stood at 9.63 per branch, while void periods remained short at an average of three weeks.
The sales market painted a more measured picture. Member branches reported an average of 43 properties available for sale during April, representing a marginal increase in stock levels.
Market appraisal activity remained steady, with branches conducting an average of 22 valuations during the month, suggesting a continued flow of potential instructions despite wider uncertainty in the housing market.
Buyer activity softened slightly, with the average number of viewings per available property falling to 2.14 in April compared with the previous month. While demand remains below the levels seen in the lettings market, the figures suggest buyers continue to engage with available stock as mortgage rates and affordability pressures remain key considerations.
Overall, the latest data points to two contrasting markets: a rental sector still characterised by strong tenant demand and limited supply, and a sales market where stock levels are improving but buyer activity remains more restrained.
Nathan Emerson, CEO of Propertymark, said: “Despite wider economic uncertainty and inflation remaining above target, the housing market continues to demonstrate resilience. While viewing levels softened during April, buyer registrations and sales agreed remained broadly stable, suggesting that committed purchasers are still actively progressing transactions.
“It’s encouraging to see new sales instructions and overall stock levels increase, providing buyers with greater choice. However, affordability challenges remain a key consideration, particularly as higher borrowing costs continue to influence budgets and purchasing decisions. With a significant proportion of transactions still taking more than 17 weeks to reach exchange, there remains a clear need for continued improvements to the home buying and selling process.
“Within the rental market, demand continues to significantly outstrip available supply. Although stock levels improved slightly during April, there are still around seven applicants competing for every available property. Policymakers must remain focused on measures that encourage investment and support the supply of homes across all tenures if long-term affordability and accessibility are to improve.”
