"Pent-up demand and robust stock levels will see increased activity towards the end of the summer period"
Tenant demand increased slightly during the month overall - the sales and letting agents surveyed reported that prospective tenant registrations increased from 97 per month in May 2024 to 99 in June.
This was not the case for those buying and selling, however: the average number of new prospective buyers registered per branch decreased from 74 in May 2024 to 69 in June 2024, while the average number of sales agreed per member branch decreased.
Nathan Emerson, CEO of Propertymark, speaking before yesterday's base rate cut was announced, said:
"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."
"The General Election has also had a moderate effect. Although we expect activity to remain subdued in July, pent-up demand and robust stock levels will see increased activity towards the end of the summer period. A widely anticipated base rate cut would also help to stimulate the market."
"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."
