Big January rise in homebuyer demand reported
March 10, 2024 by Mark
Property Market
Figures indicate that the level of property buyer demand rose significantly during the first month of this year, with a big increase in the number of new potential purchasers registering at estate agents.
These figures have been issued by the main UK estate agents membership body Propertymark. They show a 120% rise in the number of people who were registered at the various UK branches of estate agencies during January. This is evidence that the slump in buyer demand caused by the cost of living crisis and interest rate increases appears to be at an end.
A mismatch between the levels of demand and supply has been a persistent problem for the UK housing market over the past few years. The Propertymark data shows a rise in supply throughout January too, by roughly 79% in comparison to the month before. December supply levels represented an all-time low.
Across January, approximately eight properties were made available for purchase per estate agent branch. It takes supply back to the kinds of levels it was at in the two previous years.
This is further encouraging news for advisors who have completed CeMAP courses, even with some issues remaining.
Propertymark CEO Nathan Emerson said to Financial Reporter that:
“The new year has arrived and those who had delayed selling, buying and renting in November and December 2023 have returned to the market en masse.”
He then pointed out that economic conditions remain difficult and that many sellers are being forced to settle for less than they originally asked.
Written by
Mark
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