Latest Propertymark data brings optimism for the housing market, as economy continues to stabilise

The housing market continues to display strong resilience, according to Propertymark’s latest Housing Insight Report, which shows the average number of sales per member branch sits at 9 for November 2024. This figure represents the strongest November performance in over three years in many regions.

Furthermore, the average number of new prospective buyers registered per member branch experienced an overall climb in November 2024 to an average of 108 per member branch, reaching a two-year high.

Across the UK there continues to be regional fluctuations in house prices with strong growth seen in areas such as the North West, West Midlands and Scotland. However, there has been a deceleration in house price growth within in some parts of the South East, and in particular areas of London seeing demand slow when compared to the previous year.

Overall affordability and consumer confidence, plus the desire from prospective and current homeowners, was also indicated in the number of properties achieving asking price as it almost doubled from 6 per cent in October 2024 to 11 per cent in November 2024.

However, the house buying and selling process remains convoluted with 38 per cent of member agents stating that it takes on average 17 weeks or more to progress from offer acceptance to exchange, which is a figure that continues to trend upwards.

A graph showing a line of growthDescription automatically generated with medium confidence

Nathan Emerson, CEO at Propertymark, said:

“As we kick the year off, the housing market stands in a strong position for growth. However, as always, there are many variables that interact with the housing market and influence consumer affordability and confidence, and regionally, the strength of the housing market can vary due to fluctuations in supply and demand.

“Across the entire UK, the economy stands at a more stable position than it did twelve months ago, with both inflation and the base rate sitting at more encouraging levels. While there is hope we may see a series of controlled cuts to interest rates over the coming months, the Bank of England will be keen to ensure long-term stability and the impact of Government policy will have a bearing on this.

“Across the first quarter of the year, many people across England and Northern Ireland will be mindful of the increases in Stamp Duty commencing from 1 April and we are likely to see an eagerness to complete on a property on the run-up to that date.

“We have continued to see house price growth over the last twelve months in many regions, and we expect this momentum to continue as we head further into 2025. The housing market is always a strong indicator of wider economic health and while there may be challenges ahead, we are optimistic the market will continue to operate positively.”