The housing market continues to display impressive resilience and there was a strong end to 2024 according to Propertymark’s latest Housing Insight Report.

And demand levels are healthy, too, with the average number of new prospective buyers registered per member branch climbing to an average of 108 per member branch in November 2024 – a two-year high.

There are, though, the report reveals, ongoing regional fluctuations, with strong growth seen in areas such as the North West, West Midlands and Scotland. In contrast, there has been a deceleration in house price growth within some parts of the South East, and in particular areas of London seeing demand slow when compared to the previous year.

Consumer confidence

Overall affordability and consumer confidence are made clear by the number of properties achieving their asking price, which almost doubled from 6% in October 2024 to 11% in November 2024.

The house buying and selling process, however, remains convoluted with 38% of member agents stating that it takes on average 17 weeks or more to progress from offer acceptance to exchange, which is a figure that continues to trend upwards.

The housing market stands in a strong position for growth”.

Propertymark‘s Nathan Emerson said: “As we kick the year off, the housing market stands in a strong position for growth. However, as always, there are many variables that interact with the housing market and influence consumer affordability and confidence, and regionally, the strength of the housing market can vary due to fluctuations in supply and demand.

“Across the entire UK, the economy stands at a more stable position than it did twelve months ago, with both inflation and the base rate sitting at more encouraging levels. While there is hope we may see a series of controlled cuts to interest rates over the coming months, the Bank of England will be keen to ensure long-term stability and the impact of Government policy will have a bearing on this.

“Across the first quarter of the year, many people across England and Northern Ireland will be mindful of the increases in Stamp Duty commencing from 1 April and we are likely to see an eagerness to complete on a property on the run-up to that date.

“We have continued to see house price growth over the last twelve months in many regions, and we expect this momentum to continue as we head further into 2025. The housing market is always a strong indicator of wider economic health and while there may be challenges ahead, we are optimistic the market will continue to operate positively.”