The residential sales sector has seen an early flurry of activity in April with prospective buyer registrations, new sales instructions, and the number of sales agreed all increasing. In the residential lettings sector, our members report an increase in the number of prospective tenant registrations. However, while stock levels have increased slightly, demand continues to outstrip supply.
Market appraisal volumes provide an indicator of future supply. The number of market appraisals conducted per member branch increased from 22 in March 2024 to 26 in April 2024.
The average number of new prospective tenants registered per member branch indicates market demand. Registrations increased from 82 in March 2024 to 90 in April 2024 suggesting that demand is increasing.
It is possible to contrast supply and demand indicators to provide an overall sense of what is happening in the market. Overall, demand continues to outstrip supply, with around 9 new applicants registered for each available property in April 2024.