Visits per property drop 29% in June: Propertymark

The average number of visits per property fell 29% in June as the number of new buyers signing up per Member Branch in June appears to have echoed the levels seen in the winter months, according to the latest data from Propertymark.

The data revealed that the number of views fell from 6.2 in April to 4.4 in June, which Propertymark says is in line with what estate agents would expect from a traditional market.

In June, nine sales were concluded on average per member branch, which represents the same number as the two previous months.

The figure is also in line with the pre-pandemic average of June 9, based on figures between 2010 and 2019.

Agreed sales as a percentage of stock remain high at 33% in June, compared to the pre-pandemic average of 17% of stock sold in the month of June between 2010 and 2019.

However, some buyers are starting to get homes below asking price, with 27% of branches now reporting that most sales were made below asking price, down from a low of 15% in March.

The average number of properties available for purchase per Member Branch was 26 in June, with the number of new instructions per Member Branch holding steady at 10 in June, consistent with the past three months.

Meanwhile, 72% of member branches told us the average time from offer accepted to contract exchange in May was 13 weeks or more, compared to 54% in March.

Propertymark Managing Director Nathan Emerson says: Over the past two years, agents have seen an unrelenting market that has challenged the patterns to which we as practitioners have been accustomed.

“However, this summer sees seasonal trends return. This cooling is allowing the number of homes available for purchase to recover and, interestingly, a subtle but telling change is occurring in the prices achieved.

“Compared to March 2022, this month saw a 12% increase in the number of agents reporting that the majority of their sales were agreed below the asking price.”

Previous Comment: Market assessment? We've heard it all before
Next Homeowners trapped in £7,000 EPC funding shortfall: Paragon