Housing market saw "flurry of activity" in April: Propertymark

The residential sales sector saw a "flurry of activity" in April with prospective buyer registrations, new sales instructions, and the number of sales agreed all increasing, the latest figures from Propertymark show.

Market appraisal volumes, an indicator of future supply, increased from 22 per Propertymark estate agent member branch in March to 26 in April, a 14% rise.

The average number of new prospective buyers registered per branch increased from 76 in March to 88 in April.

Sales agreed and new sales instructions also increased on the previous month. On average, around 12 homes were placed for sale per member branch in April, while average stock levels also increased on the previous month.

Nathan Emerson, CEO of Propertymark, said: "Although the economic environment remains challenging, there is some positivity in the air. GDP is estimated to have grown by 0.4% in March and inflation (CPI) reduced from 3.2% in March to 2.3% in April, which is within touching distance of the Bank of England’s target. We remain hopeful that a much-needed reduction in the base rate will occur in the near term.

"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. However, challenges remain. Although the gap between asking prices and market expectations continues to narrow, further realignment is required to keep the market moving. Furthermore, those seeking to move home before Christmas need to be cognisant of elongated exchange times and act now."