More than half of UK estate agents feel upbeat about the prospects for the rest of the year with the majority believing the property market will continue to stand firm.
Research from GetAgent.co.uk reveals 55% of estate agents are confident about the market in 2024 albeit an appropriate approach to pricing remains imperative to success.
These figures are alsso bolstered by Propermark’s monthly snapshot, which reveals the number of market appraisals increasing 129% and an 89% jump in the number of homes coming to market, although these figures for January are often high after the Christmas shutdown.
HOUSE PRICES
Nevertheless, GetAgent says four out of 10 agents believe house prices will remains resilient during 2024 with nearly a third (29%) anticipating an increase.
Almost a fifth have seen an increase in the number of new seller enquiries so far in 2024 when compared to this time last year while four out of 10 (39%) stated they were as busy as this time last year.
Similarly, 15% have seen an annual increase in the level of for sale stock they are holding while 40% are as busy as last year in this respect.
Some 15% have also seen a year-on-year increase in the number of buyers making offers so far in 2024, with 35% again stating that buyer activity is at a similar level to last year.
But it appears buyers are still spooked with higher borrowing costs with just one in 10 agents reporting them submitting offers at above asking price in the current market and six out of 10 buyers making offers at below asking price.
DOWN VALUATIONS
Three out of 10 (30%) estate agents also reported an increase in down valuations with a similar amount (36%) seeing an increase in fall throughs.
Colby Short, GetAgent
Colby Short, Co-founder and Chief Executive of GetAgent.co.uk, says: “Our own numbers reflect the feedback from agents around increased market activity with a record breaking number of vendors referred in the first two months of the year.
“As always, it is important for us all to see the increased stock moving through the funnel and transactions completing.
“With inflation seemingly under control and the Bank of England hopefully reducing the base rate soon, all signs are pointing to a much better year for the property market.”
