The latest housing insight report from Propertymark shows a drop in demand over July, but the number of transactions and appraisals reflect a buoyant market and unshaken consumer confidence, the organisation says.

The monthly survey of Propertymark member agents reveals the average number of new buyers registering per member branch dropped by 11 to 65 in July, but all other markers remained broadly steady.

Market appraisals increased from 21 to 22, new instructions rose very slightly from 10.9 to 11.2, and stock levels increased from 38 to 39. Sales agreed in July were 10.1 per member branch, a fraction down from 10.3 in June, with viewing numbers remaining the same at an average of 2.3 per available property.

After an increase over the last two months, the number of member agents reporting transaction times over 17 weeks held at 36.6% in July compared to 37% in June.

‘Despite the number of buyers coming to market taking a slight dip this month, the overall number of transactions and appraisals remains buoyant, indicating that consumer confidence is not shaken by wider economic factors’, Propertymark CEO Nathan Emerson said.

“With interest rates improving slightly, this should also be playing a key role in improving home movers’ affordability. With speculation circulating regarding potential changes to Stamp Duty in England and Northern Ireland, we encourage the UK Government to focus on reviewing current rates and bands rather than targeting higher-value properties, ensuring they align with rising property prices.

 “Historically, reducing or removing property taxes has led to increased transactions, which in turn stimulate spending and drive broader economic growth.”

Comments from Propertymark members across the UK illustrate the ongoing regional imbalance in the market. In East Midlands, ‘demand from buyers has increased in July’. However, Surrey saw ‘an extremely queit mont for viewings’ with ‘a very negative mood from potential buyers’.

‘The overall sales market is complex’, Phil Spencer, founder of Move iQ, pointed out.

“Factors like high interest rates, economic uncertainty and increased supply contribute to affordability issues and lead to some price reductions and longer selling times. However, with interest rates edging down a bit, it’s becoming a little easier for people to afford their dream homes or move up the property ladder.”

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