"Interest rates remained static in March 2024, and although the changes were small, GDP and inflation continued to move in the right direction."
- Nathan Emerson, Propertymark CEO
Demand is continuing to increase within the residential sales sector, with the number of buyers registered and the number of viewings per property both increasing, according to the latest figures from NAEA Propertymark.
Viewing numbers increased marginally in March 2024, though remain broadly in line with the same period in March 2023.
The average number of sales agreed per member branch remained largely static in March 2024 and is broadly in line with performance in March 2023.
However, March saw a slight decrease in number of new properties coming to market, with the number of market apprisals undertaken reducing by 7%.
The average UK house price, a key economic indicator, increased by £1,216 to £280,660 in February 2024. This equates to almost 8 times the average annual gross earnings based on data from Office for National Statistics.
Nathan Emerson, Propertymark CEO, said: "Interest rates remained static in March 2024, and although the changes were small, GDP and inflation continued to move in the right direction. Barring global shocks, we remain optimistic that inflation will continue its downward trend, eventually allowing for interest rates to be reduced.
"Demand increased within the residential sales sector, with the number of buyers registered and the number of viewings per property both increasing. On the supply side, new instructions decreased slightly. Stock levels also decreased but remain on par with the same period last year."
