In its latest housing insights report covering December, the trade body covering estate agents, lettings and other property professionals found that transaction timescales are tailing downwards but remain “persistently high”.

The number of new prospective buyers who registered per agency branch was 74, up from 57 in November.

December’s figures highlight a sales market that is showing pockets of resilience but remains constrained by ongoing challenges, according to Propertymark’s analysis.

Chief executive Nathan Emerson says: “Buyer registrations improved, and sales volumes are higher than a year ago, pointing to underlying demand.

“However, transaction times remain unacceptably long, with over 30% of sales taking more than 17 weeks to reach exchange, and supply continues to soften.

“Falling stock levels and fewer market appraisals are limiting choice and contributing to a slower, more cautious market environment.

“Although the base rate has eased and mortgage lending remains broadly stable, inflationary pressures and wider economic uncertainty are still impacting affordability and confidence.”

Lettings market

Emerson adds: “In the lettings sector, demand continues to significantly outpace supply, despite a modest uplift in available stock and fully managed instructions.

“ Void periods remain relatively short, underlining how competitive the rental market still is, while rents continue to rise year on year, albeit at a slowing pace.

“Affordability pressures are becoming more visible, with rental arrears increasing and many landlords expressing concern around forthcoming legislative changes.

“ Greater clarity around rental reform is urgently needed to reassure landlords and prevent further contraction in supply, which would only intensify pressures for tenants.”