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UK Property Market Sees Boost in Activity in April

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    Housing Market Positivity in the Air Despite Economic Backdrop

    Propertymark’s latest Housing Insight Report shows positivity in the air for the UK property market despite a somewhat challenging economic environment. According to their data, there was a boost of activity in the residential sales sector in April, and their lettings sector figures suggest an increase in tenant demand.

    The report states that UK property investment prices are still on the up. The average UK house price increased by £2103 in March 2024, bringing the average value to £282,776. This is about the same as eight times the average annual gross earnings.

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    ’Early Flurry of Activity’ Seen in April Property Market

    In April 2024, residential sales saw an early flurry of activity. This included a boost to prospective buyer registrations, new sales instructions, and the number of sales agreed.

    The average number of prospective buyers registered per branch rose to 88 in April, up from 76 the month before. Viewing numbers per available property is generally stable, with a marginal reduction compared to the previous month.

    There was also an increase in supply as new sales were up the month before to around 12 homes per member branch placed for sale in April, and stock levels increased over the previous month.

    The report also puts forward market appraisal volumes to indicate future supply. The number of market appraisals per member branch increased to 26 in April, up from 22 the month before.

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      Indicators Suggest Increased Rental Demand as Supply Remains Stretched

      According to Propertymark, registrations of new prospective tenants per member branch increased from 82 in March to 90 in April, suggesting increased rental demand. The average number of new tenancies agreed remained largely static in April.

      Stock levels have increased slightly, but the supply-demand imbalance continues, with about nine applicants registered for each available rental home. Rental inflation continues, but rents in some areas seem to have reached an affordability ceiling, which will put a stopper in some locations on the rapid rental growth we’ve witnessed in some places.

      Not much change was observed in void periods. While the average void period reduced slightly in April to 2.3 weeks, the average has remained within long-run parameters.

      To learn more about the UK property market, take a look at our buy-to-let area guides, covering topics such as available investment property in Royal Leamington Spa and available investment property in Battersea.

      UK Property Market Sees Boost in Activity in April

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      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.