On the other hand, the lettings sector continues to face a significant undersupply issue, as there has been no increase in the number of properties available for rent. This scarcity translates to an average of 10 prospective tenants registering their interest for each available rental property.
Demand from Buyers Remains High
The demand from potential homebuyers remains strong, with an average of 93 new prospective buyers registering per member branch in March. This number was slightly down from 94 in February but demonstrates a consistent interest in purchasing properties despite rising interest rates.
The average number of viewings per property held steady in March, with an average of 3.2 viewings per property. This is a notable improvement from the low of 1.8 viewings recorded in December, suggesting a positive trend in property viewings.
Properties for Sale Return to Pre-Pandemic Levels
In March, our members reported an average of 26 market appraisals per branch. This steady rise since December indicates that the nation is eager to resume property transactions and remains undeterred by the current economic conditions.
Continued Robust Demand
The number of new prospective tenants registering per member branch remained strong at 106 in March. This figure represents a significant increase from the low of 64 recorded in December, indicating sustained demand for rental properties.
Despite the robust demand, the number of properties available for rent per member branch remained stable at 10 in March. This stagnation in available rental properties poses a challenge for prospective tenants seeking accommodation.