The UK residential property sales market became more balanced in May, according to the latest Propertymark Housing Insight Report. The number of homes available for sale increased, while buyer demand eased slightly.
During May, the average number of new prospective buyers registering with each member branch fell to 64. Concurrently, the average number of properties available for sale edged up to 44 per branch, offering buyers more choice than in previous months.
In contrast, the lettings sector remained under pressure. Although tenant demand strengthened in May, the average number of rental properties available per branch slipped to 12.09, resulting in an average of eight applicants competing for every available home.
Propertymark noted that these figures highlight a continuing imbalance between supply and demand in the private rented sector. However, there was a slight improvement in rent arrears, with the proportion of member agents reporting issues easing to 2.1%.
Nathan Emerson, CEO of Propertymark, stated that May's figures demonstrate a resilient housing market despite economic and geopolitical uncertainty. He added that the Bank of England maintaining the base rate provided some stability, but affordability remains a challenge for many households.