UK residential sales transactions completed in August were almost 10% higher compared to the same period in 2023, Propertymark August housing report.

The report found that the average number of new prospective buyers registered per member branch remained static in August 2024 at 71, when compared to the previous month.

Average viewing numbers also remained static at 91 per member branch in August.

However, there was an increase in the average number of viewings per available property rising to an average of 3.8 for August this year.

In August 2024, there was a 40% uplift in new sales instructions per member branch, while stock levels grew with an average of 48 properties for sale at each member branch.

For lettings, 10 new applicants registered for each available property in August.

Data also found that 2.6% of fully managed properties per member branch were in arrears.

The average number of new property instructions per branch, trended downwards in August.

In August 2024, 55% of members reported that rents remained static and 5% reported that they had fallen.

Propertymark chief executive officer Nathan Emerson says: “Although the year to date has seen the economy take a more stable footing, which has assisted in bringing an enhanced level of consumer confidence to the housing market, it is important to consider there are still challenges ahead.”

“We remain at the very start of the trajectory regarding more favourable base rates and only at the starting blocks regarding the UK Government’s ambition regarding their new house-building targets. It remains imperative that immense effort is placed on upscaling a workforce to take the challenge of creating nearly 2m homes across the next five years.”

“The housing sector continues to suffer from a long-standing absence of available stock, within both the sales and rental sectors. This, in turn, continues to impact sales values and rental prices across many regions.”

“With a new UK Government now in situ, there will be a mass evolution for the entire housing sector over the coming five years in terms of planning regulations, building safety, taxation, aspirations to achieve net zero and legislation such as the Renters’ Rights Bill.”

“Fundamentally the housing sector is about to embark on its biggest transformation for many decades and it remains important that all ambitions are objective and measurable and that they provide balance and fairness throughout.”

”It remains critical that future direction is driven by data insight and wide-ranging stakeholder engagement to ensure housing remains accessible and workable for both residents and investors equally.”