Homedirect loanViewings per property fall by 29% in June: Propertymark

Viewings per property fall by 29% in June: Propertymark

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The average number of viewings per property has fallen by 29% in June as the number of new buyers registering per member branch in June seems to have echoed levels seen in the winter months, according to the latest data from Propertymark.

The data found that viewings decreased from 6.2 in April to 4.4 in June, which Propertymark says is what estate agents would expect from a traditional market.

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

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

Sales agreed as a percentage of stock remains high at 33% in June, compared to the pre-pandemic average of 17% of stock sold in the month of June between 2010 to 2019.

However, some buyers are starting to secure homes under the asking price, with 27% of branches now reporting that most sales were completed below the asking price compared to a low of 15% in March.

The average number of properties available to buy 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 that the average time from offer accepted to exchanging contracts in May was 13 weeks or more, compared to 54% in March.

Propertymark chief executive Nathan Emerson says: For the past two years agents have seen a relentless market which defied patterns that we as practitioners had become accustomed to.” 

“However, this summer is seeing seasonal trends return. This cooling down is allowing the number of homes available to buy to recover, and interestingly, a subtle but telling change is in the prices being achieved.”

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

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