"While there is hope we may see a series of controlled cuts to interest rates over the coming months, the Bank of England will be keen to ensure long-term stability and the impact of Government policy will have a bearing on this."
- Nathan Emerson - Propertymark
Propertymark’s latest Housing Insight Report has revealed that the average number of new prospective buyers registered per member branch experienced an overall climb in November 2024 to an average of 108 per member branch, reaching a two-year high.
In addition to this, the average number of sales per member branch stood at 9 during November 2024 - the strongest November performance in over three years across many regions.
House prices continue to show regional variations
Across the UK there continue to be regional fluctuations in house prices with strong growth seen in areas such as the North West, West Midlands and Scotland. However, there has been a deceleration in house price growth within some parts of the South East, and in particular areas of London seeing demand slow when compared to the previous year.
Overall affordability and consumer confidence, plus the desire from prospective and current homeowners, was also indicated in the number of properties achieving asking price as it almost doubled from 6% in October 2024 to 11% in November 2024.
However, the house buying and selling process remains convoluted with 38% of member agents stating that it takes on average 17 weeks or more to progress from offer acceptance to exchange, which is a figure that continues to trend upwards.
“As we kick the year off, the housing market stands in a strong position for growth," observed Nathan Emerson, CEO at Propertymark.
However, he added, "As always, there are many variables that interact with the housing market and influence consumer affordability and confidence, and regionally, the strength of the housing market can vary due to fluctuations in supply and demand.
“Across the entire UK, the economy stands at a more stable position than it did twelve months ago, with both inflation and the base rate sitting at more encouraging levels. While there is hope we may see a series of controlled cuts to interest rates over the coming months, the Bank of England will be keen to ensure long-term stability and the impact of Government policy will have a bearing on this.
“Across the first quarter of the year, many people across England and Northern Ireland will be mindful of the increases in Stamp Duty commencing from 1 April and we are likely to see an eagerness to complete on a property on the run-up to that date.
Emerson concluded, “We have continued to see house price growth over the last twelve months in many regions, and we expect this momentum to continue as we head further into 2025. The housing market is always a strong indicator of wider economic health and while there may be challenges ahead, we are optimistic the market will continue to operate positively.”
