Housing Insight Report: November 2024
Stock levels slightly down
Stock levels reflect the average number of properties available for sale at each member branch. In November 2024, stock levels nudged downward marginally with an average of 44 properties for sale at each member branch, compared to 49 the month before.
Properties achieving asking price near doubles
The overall number of properties achieving asking price nearly doubled from 6% in October 2024 to 11% in November 2024.
Tenant demand dropped slightly
The average number of new prospective tenants registered per member branch indicates market demand. Registrations reduced to 92 in November 2024 when compared to 93 in
October 2024.
Demand continues to outpace supply
Overall, demand continues to outstrip supply, with the average number of applicants per member branch still hitting around 7 people for each available property in November 2024.
Nathan Emerson, Propertymark CEO:
“The next few months are likely to prove busy for the sales market, with stock oming to the market and consumers showing they are keen to stay ahead of Stamp Duty threshold changes due in England and Northern Ireland in April 2025.”
“Across the last twelve months, we have witnessed the economy stabilise and a much greater degree of confidence and affordably return. There are still challenges ahead and much will depend on inflation remaining within targeted boundaries and the Bank of England having the confidence to potentially lower the base rate further when conditions permit.”
“The entire housing sector is about to embark on some of the biggest changes seen in over thirty years with new planning reform for England and Wales working its way through parliament, which will pave the way for the UK Government to start delivering their ambition of over 1.5m new homes before 2029.”
“Similarly significant legislation that will impact the lettings market across England is also moving at pace through Westminster in the form of the Righters’ Rights Bill. This will fundamentally change key rights for both renters and landlords and it remains imperative that this new Bill strikes a workable and fair balance for all involved.”
“The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK. Throughout the last twenty years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”
This report is based on responses to a monthly survey of Propertymark member agents. The analysis is based on data provided by around 100 sales and 100 letting agents across the UK. You can read the full report here:www.propertymark.co.uk
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