Buyer demand weakened in June, with the average number of new prospective buyers registering at each Propertymark member branch falling to 55. This decline occurred amidst ongoing affordability pressures and economic uncertainty affecting the housing market.
Despite the decrease in registrations, the average number of sales agreed remained broadly stable at 7.8 per branch. Viewings also remained largely unchanged at 2.1 per available property.
Propertymark's Housing Insight report for June indicated that 84% of member agents reported properties selling for less than their asking price, while 9% achieved the asking price. Around 35.4% of agents stated that most agreed sales were taking over 17 weeks to progress from offer acceptance to exchange.
Supply saw little change, 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. Phil Spencer, founder of Move iQ, noted that buyers are increasingly selective and realistic pricing is crucial.