Sales agreed among Propertymark members hit a four-month high in February but the agency trade body has warned of a quieter period in the run up to the traditionally-busier spring market.
The organisation’s latest member data showed a 19% rise in sales agreed per member branch during February at almost eight.
New supply has increased by around 18% on the previous month, with around 10 homes placed for sale per member branch in February.
But Propertymark members warned that buying numbers and viewings stalled in February, while the number of agents selling homes at below asking price is on the rise again.
Nathan Emerson, chief executive of Propertymark, said: “Interest rates remain challenging,
“GDP has stagnated and broader economic indicators, such as mortgage arrears are trending upwards.
“However, there is light at the end of the tunnel, with inflation continuing to fall. In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. On the supply side, our members are busy with new instructions, which is increasing stock levels. This imbalance may lead to further price corrections but only in the short-term.”
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