Housing insight report - April 2023
The rental market is witnessing a surge in demand for properties, yet the supply of available homes remains stagnant.
However, there is some relief as the decrease in buyer demand has led to a slight recovery in the number of homes available for sale. Despite this, the market maintains a steady level of transactions, which bodes well for both the housing market and the broader economy.
Sales
As we head into the summer months, the average number of new prospective buyers registering per member branch has eased slightly, falling to 70 in April from 93 in March. This signifies a 30% drop in demand compared to April 2022 when the housing market was experiencing a frenzied period.
In April, the average number of viewings per property remained stable at 3.3, recovering from a low of 1.8 in December. However, similar to new buyer registrations, viewings were down compared to the previous year, with a 53% decline in April 2023 compared to April 2022.
Despite these fluctuations, the supply of new homes available for sale per member branch remained constant at 10 in April. Additionally, the average number of sales agreed per member branch held steady at 8, mirroring the figures from the previous month and the pre-pandemic average between 2014 and 2019.
Lettings
On the lettings side, the demand for rental properties continues to rise. The number of new prospective tenants registering per member branch increased slightly to 118 in April. This figure marks a significant improvement from the December low of 64 and is 24% higher than the same period in April 2022.
